What Is Bank Identification Code CIT and How It Works

The Bank Identification Code, or BIC, is a unique six-character code assigned to financial institutions worldwide. It's used to identify banks and financial institutions.

A BIC is often confused with a SWIFT code, but they're not the same thing. The SWIFT code is an 8- or 11-digit code used for international wire transfers, while a BIC is a six-character code used to identify banks.

In the case of CIT Bank, the Bank Identification Code is CITIUS33. This code is used to identify the bank when sending or receiving international transactions.

A SWIFT code is a standard format of Bank Identifier Code (BIC) used to specify a particular bank or branch. It's a unique code used for international wire transfers and is a crucial part of making sure your money reaches its destination.

SWIFT codes are used by banks and financial institutions to identify themselves globally. They're the same thing as a BIC code, and some banks might use one, the other, or both.

A SWIFT code is usually an 8- or 11-digit number, with a specific format: AAAABBCCDDD. This breaks down into four main parts: AAAA (four-character bank code), BB (two-character country code), CC (two-character location code), and DDD (three-character branch code, which is optional).

To use the right CIT Bank SWIFT/BIC code, you can use the 8-digit head office code, OWBKUS6L, which will still get your payment to your account.

Here's a breakdown of what each part of a SWIFT code means:

This code will identify the country, bank, and branch of the recipient's account, making international money transfers smoother and more efficient.

Understanding Swift Code is crucial when making international money transfers. A SWIFT code is used for the identification of banks and financial institutions globally, and it's used for transferring money between banks.

The SWIFT code is usually an 8- or 11-digit number with the following format AAAABBCCDDD. This format breaks down into four parts: the first four characters are the bank code, the next two characters are the country code, the next two characters are the location code, and the last three characters are the branch code.

A SWIFT code is the same as a BIC code, and both are used for transferring money between banks. Some banks might use BIC, some SWIFT number, and some both – BIC/SWIFT.

Here's a breakdown of what each part of the SWIFT code means:

The SWIFT code is used to specify a particular bank or branch, and it's used when transferring money between banks, particularly for international wire transfers.

CIT Bank is a popular online bank that offers a range of financial services.

It's headquartered in Pasadena, California, and has been around since 1908.

CIT Bank is a subsidiary of CIT Group Inc., a leading financial holding company.

The bank's parent company, CIT Group Inc., was founded in 1908 by Charles T. Barney.

CIT Bank offers a variety of deposit accounts, including high-yield savings accounts and CDs.

Its high-yield savings account has no fees, no minimums, and a competitive interest rate.

CIT Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which insures deposits up to $250,000.

This means your deposits are protected in case the bank fails.

SWIFT and BIC are often used interchangeably, but they're actually the same thing - a Bank Identifier Code used for international money transfers.

SWIFT stands for Society for Worldwide Interbank Financial Telecommunication, and it's a global network that processes payments between countries.

BIC, on the other hand, stands for Bank Identifier Code, which is a sequence of letters and numbers used to send international transfers.

Both SWIFT and BIC codes are used to identify banks and financial institutions globally, and they're used for the same purpose - to facilitate international wire transfers.

Here's a quick breakdown of what each part of a SWIFT/BIC code represents:

This code is crucial for international money transfers, as it helps identify the country, bank, and branch of the recipient's account.

In the case of CIT Bank, the SWIFT code is OWBKUS6L, which is also referred to as a BIC code.

CIT Bank uses the same SWIFT code for all its branches is not always the case. Some banks use the same SWIFT/BIC code for all their branches, while others prefer to have a dedicated code for each branch.

The last three characters of the SWIFT code can give you a hint. If it ends with "XXX", you're looking at the code for the bank's headquarters. If not, it's a local branch's code.

The SWIFT code for CIT Bank's headquarters is OWBKUS6L. This 8-digit code can be used for international wire transfers when the branch-specific code is not known.

Entering the wrong SWIFT/BIC code can lead to a reversed payment.

If you enter the wrong code, the receiving bank will raise an alert saying they don't manage your recipient's account.

You should immediately contact your bank to cancel the transaction if you realize your mistake.

A reversed payment means the funds will be returned to your account, but this can cause delays in your international transfer.

The SWIFT code is a crucial piece of information when making international wire transfers, and it's unique for each CIT Bank branch.

You can use the 8-digit head office SWIFT code, OWBKUS6L, to make a payment, and it will still reach your account.

The terms "BIC" and "SWIFT" are often used interchangeably in day-to-day speech about international payments.

To avoid mistakes with SWIFT codes, it's best to use the head office code instead of searching for the branch-specific code.

CIT BANK N.A. SWIFT code includes components such as bank, country, location, and branch code.

Using the correct SWIFT code will ensure a smooth international bank transfer process.