The National Commercial Bank in Saudi Arabia, also known as NCB, has a unique SWIFT code that facilitates international transactions.
The SWIFT code for National Commercial Bank Saudi is SABASASJEDD. This code is used by banks and financial institutions to identify the bank and its branch when sending or receiving international wire transfers.
NCB's SWIFT code is a crucial piece of information for individuals and businesses looking to conduct international transactions with the bank.
The SWIFT code is a combination of letters and numbers that provides a unique identifier for the bank.
What Is a SWIFT Code?
A SWIFT code is a standard format of Bank Identifier Code (BIC) used to specify a particular bank or branch.
These codes are used when transferring money between banks, particularly for international wire transfers. Banks also use these codes for exchanging messages between them.
SWIFT codes comprise of 8 or 11 characters.
All 11 digit codes refer to specific branches, while 8 digit codes (or those ending in 'XXX') refer to the head or primary office.
The format of a SWIFT code is as follows:
- First 4 characters - bank code (only letters)
- Next 2 characters - ISO 3166-1 alpha-2 country code (only letters)
- Next 2 characters - location code, passive participant will have "1" in the second character (letters and digits)
- Last 3 characters - branch code, optional - 'XXX' for primary office (letters and digits)
If you want to send money to a bank abroad, you would need the SWIFT code, plus the recipient's IBAN number.
SWIFT codes help banks to process transfers from abroad.
Getting and Validating a SWIFT Code
Getting and validating a SWIFT code is crucial for a smooth money transfer. You must double-check you have the correct SWIFT code before you start your transfer.
Providing the incorrect code can cause long delays, make your payment bounce back to your account, or even result in the transfer being deposited in the wrong account.
You can easily check your SWIFT code using an online tool or our SWIFT checker below.
To validate a SWIFT code, check it is valid before a money transfer. This will save you from potential headaches down the line.
You can find the right SWIFT/BIC code for your transaction by checking online or using our online SWIFT/BIC checking tool.
Understanding SWIFT Code Usage
SWIFT codes are used by over 11,000 institutions worldwide, including commercial banks, central banks, securities dealers, and more. These institutions use SWIFT codes for various purposes, such as international trade, payments, and securities trading.
The SWIFT network has expanded significantly over the years, with a reported 10 million messages sent in 1979 and over 44.8 million in 2022. This growth is a testament to the increasing importance of international financial transactions.
Some examples of institutions that use SWIFT codes include JPMorgan Chase, Citibank, HSBC, and Deutsche Bank. These banks use SWIFT codes to facilitate international trade and payments.
SWIFT codes are also used by central banks, such as the Federal Reserve and the European Central Bank, for interbank communications and foreign exchange operations. Additionally, securities dealers like Goldman Sachs and Morgan Stanley use SWIFT codes for trading and clearing securities.
Here's a list of some of the types of institutions that use SWIFT codes:
- Commercial Banks: e.g. JPMorgan Chase, Citibank
- Central Banks: e.g. Federal Reserve, European Central Bank
- Securities Dealers: e.g. Goldman Sachs, Morgan Stanley
- Custodian Banks: e.g. BNY Mellon, State Street
- Payment Service Providers: e.g. PayPal, Western Union
- Credit Unions: e.g. Navy Federal Credit Union, Alliant Credit Union
- Financial Market Infrastructures: e.g. New York Stock Exchange, London Stock Exchange
SWIFT codes are essential for international wire transfers and SEPA payments, as they help banks process transfers from abroad. In fact, you may be asked for a SWIFT code when sending or receiving money internationally.
Frequently Asked Questions
Is the SWIFT code the same for all branches?
The SWIFT code is not always the same for all branches, as it can vary by bank and even by branch location. Typically, you can use the bank's head office SWIFT code as a default, but it's best to confirm with the bank for specific instructions.
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