Unlocking Swift BIC Code- Discovering the Identifier for ICICI Bank Transactions

What is the Swift BIC code for ICICI Bank?

The Swift BIC (Bank Identifier Code) is a unique code used to identify banks and financial institutions worldwide. It is an essential component for international money transfers, ensuring that funds are sent to the correct destination. For ICICI Bank, one of the leading financial institutions in India, the Swift BIC code is crucial for smooth and secure transactions across borders. In this article, we will discuss the Swift BIC code for ICICI Bank and its significance in global banking.

The Swift BIC code for ICICI Bank is “ICICINBBIN.” This code is composed of 8 to 11 characters, with the first 8 characters being the bank code, the next 2 characters representing the country code, and the last 3 characters denoting the location code. The bank code “ICICINBB” specifically identifies ICICI Bank, while “IN” signifies India as the country code, and “BIN” represents the location code for the bank’s headquarters in Mumbai.

The Swift BIC code for ICICI Bank plays a vital role in international money transfers, as it helps to ensure that the funds are credited to the intended recipient’s account. When initiating an international wire transfer, the sender must provide the recipient’s name, account number, and the Swift BIC code. This code is crucial for the bank to identify the recipient’s bank and facilitate the transfer process.

In addition to international money transfers, the Swift BIC code for ICICI Bank is also used for other purposes, such as:

1. Correspondent Banking: ICICI Bank has a vast network of correspondent banks worldwide. The Swift BIC code helps in identifying these banks and facilitating transactions between them.

2. Trade Finance: The Swift BIC code is essential for trade finance transactions, such as letters of credit and guarantees, as it ensures that the funds are routed to the correct bank.

3. Foreign Exchange Transactions: ICICI Bank offers various foreign exchange services, and the Swift BIC code is used to identify the recipient’s bank for these transactions.

4. Payment Systems: The Swift BIC code is used in various payment systems, such as the Real-time Gross Settlement (RTGS) system, to ensure that funds are transferred securely and efficiently.

In conclusion, the Swift BIC code for ICICI Bank, “ICICINBBIN,” is a unique identifier that plays a crucial role in international banking. It is essential for smooth and secure transactions, such as international money transfers, correspondent banking, trade finance, foreign exchange, and payment systems. By using this code, ICICI Bank ensures that its customers receive efficient and reliable banking services worldwide.