SWIFT Codes – What is a SWIFT Code and what is it used for?
Recently banks in Dubai, Abu Dhabi and the UAE made it mandatory for people to use a SWIFT Code when transferring money from one account to another.
So what is a swift code?
A SWIFT Code is a unique code used by banks to indentify one bank from another. Ultimately it helps ensure your money is transferred safely to its target and reduces the risk of it being lost in transfer. A SWIFT Code is made up of eight or eleven digits, SWIFT Codes are handled centrally by the Society Interbank Financial Telecommunication, hence the name SWIFT
Records online show over 280 branches in the UAE, all with their own unique SWIFT Code.
Does my bank use SWIFT Codes
All banks in the UAE now use SWIFT Codes so if your bank is based in Dubai, Abu Dhabi or the UAE, then they will issue you with a SWIFT Code.
How can find my SWIFT Code
Your bank will provide you with a SWIFT Code, most banks should have contacted their customers to tell them their SWIFT Code, you may be able to find it when you log in to your online account, failing that, call in to you local branch or even just phone them.
