When it comes to conducting international financial transactions, one of the essential details you need is the SWIFT code of your bank. For customers of Abhyudaya Cooperative Bank, a leading cooperative bank in India, understanding the importance of the SWIFT code is vital for facilitating international transactions securely and efficiently.
This blog post will explain what a SWIFT code is, why it’s important for Abhyudaya Cooperative Bank, and provide a list of branch-specific SWIFT codes.
What is a SWIFT Code?
A SWIFT code (or BIC – Bank Identifier Code) is a standardized and unique code that identifies a specific bank or financial institution worldwide. This system was developed by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) and is used to facilitate cross-border transactions.
A SWIFT code typically consists of 8 to 11 characters:
- First 4 characters: Bank code (identifies the bank)
- Next 2 characters: Country code (identifies the country)
- Next 2 characters: Location code (identifies the bank’s location within the country)
- Last 3 characters (optional): Branch code (specific to a branch, optional for the head office)
For example, a typical SWIFT code for Abhyudaya Cooperative Bank might look like this:
ABCOINBBXXX
Breaking down the code:
- ABCO: Identifies Abhyudaya Cooperative Bank
- IN: Refers to India
- BB: Location code
- XXX: Represents the head office or a specific branch (optional)
Why Do You Need a SWIFT Code for Abhyudaya Cooperative Bank?
If you are involved in any international transactions—whether you are sending or receiving money from abroad—having the correct SWIFT code is critical. Here’s why:
- Global Identification: SWIFT codes provide a standardized way to identify a particular bank, ensuring your transaction reaches the right financial institution.
- Security: SWIFT codes add a layer of security to international payments, ensuring funds are transferred to the correct destination.
- Efficiency: They help to minimize delays or errors in the transaction process, ensuring a smooth international money transfer.
- Universal Acceptance: SWIFT codes are universally recognized and accepted by all banks globally, making them necessary for cross-border banking.
Abhyudaya Cooperative Bank: An Overview
Abhyudaya Cooperative Bank was established in 1964 and is one of India’s leading urban cooperative banks. It has grown into a bank that provides a wide range of financial services, including retail banking, corporate banking, and services for small and medium enterprises (SMEs). Headquartered in Mumbai, Abhyudaya Cooperative Bank has expanded its network across several states in India.
The bank offers international banking services, including cross-border remittances, and utilizes the SWIFT network to facilitate secure and efficient international money transfers.
SWIFT Codes for Abhyudaya Cooperative Bank Branches
Below is a table of SWIFT codes for major branches of Abhyudaya Cooperative Bank. These SWIFT codes are used to identify specific branches for international transactions:
| Branch | SWIFT Code | Location |
|---|---|---|
| Abhyudaya Cooperative Bank Mumbai Main Branch | ABCOINBBMUM | Mumbai, India |
| Abhyudaya Cooperative Bank Pune Branch | ABCOINBBPUN | Pune, India |
| Abhyudaya Cooperative Bank Delhi Branch | ABCOINBBDEL | Delhi, India |
| Abhyudaya Cooperative Bank Hyderabad Branch | ABCOINBBHYD | Hyderabad, India |
| Abhyudaya Cooperative Bank Ahmedabad Branch | ABCOINBBAHM | Ahmedabad, India |
| Abhyudaya Cooperative Bank Bangalore Branch | ABCOINBBBLR | Bangalore, India |
| Abhyudaya Cooperative Bank Nagpur Branch | ABCOINBBNAG | Nagpur, India |
| Abhyudaya Cooperative Bank Nashik Branch | ABCOINBBNAS | Nashik, India |
These SWIFT codes allow international payments to be routed to the correct branches of Abhyudaya Cooperative Bank. Using the right SWIFT code is essential to ensuring that your money reaches its intended destination without delays or complications.
How to Find the SWIFT Code of Your Branch?
If you are unsure about the SWIFT code of your specific branch, there are several methods to find it:
- Bank Statement: Often, SWIFT codes are printed on your bank statement.
- Official Bank Website: The Abhyudaya Cooperative Bank’s website may list SWIFT codes for branches that handle international transfers.
- Contact the Branch: You can directly call or visit your branch to inquire about their SWIFT code.
- Online SWIFT Directory: Various online directories list SWIFT codes for banks worldwide.
Common Uses of SWIFT Codes
- Receiving International Payments: If you are receiving funds from an international sender, they will need the SWIFT code of your branch to ensure the payment reaches the correct bank.
- Sending Money Abroad: When you are sending money to someone in another country, you will need to use their bank’s SWIFT code.
- International Wire Transfers: SWIFT codes are critical for wiring large amounts of money to another country.
- Forex and Trade: SWIFT codes are also used in foreign exchange markets and for international trade finance.
Conclusion
SWIFT codes are an integral part of international banking, and knowing the correct SWIFT code for your bank ensures that your money transfer is processed efficiently and securely. For customers of Abhyudaya Cooperative Bank, using the right SWIFT code for your branch is essential when conducting cross-border transactions.
With a strong focus on providing modern banking services, Abhyudaya Cooperative Bank has embraced international banking, and the use of SWIFT codes makes it easier for customers to send and receive funds globally. Always ensure that you have the correct SWIFT code to avoid delays or complications in your transactions.
FAQs About SWIFT Codes and Abhyudaya Cooperative Bank
- Can I use a SWIFT code for domestic transactions?
- No, SWIFT codes are specifically for international transactions. For domestic transactions, you would use the IFSC (Indian Financial System Code) instead.
- What happens if I use the wrong SWIFT code?
- If you enter the wrong SWIFT code, your transaction might be delayed, or it may fail. Always double-check the SWIFT code before making an international transfer.
- Are SWIFT and BIC codes the same?
- Yes, SWIFT and BIC codes are interchangeable terms used to identify banks during international transactions.
- Do all Abhyudaya Cooperative Bank branches have SWIFT codes?
- Not all branches have SWIFT codes. Only branches that handle international transactions have them. It’s important to verify the correct SWIFT code for your branch before making an international transfer.
By understanding how SWIFT codes work and knowing the correct code for Abhyudaya Cooperative Bank, you can confidently manage your international financial transactions, ensuring that they are secure, accurate, and timely.