The SWIFT code (Society for Worldwide Interbank Financial Telecommunication) is an internationally recognized code used by banks and financial institutions for secure international money transfers. When transferring funds abroad, it is essential to use the correct SWIFT code to ensure the transaction reaches the correct bank and branch.
In this article, we’ll cover the SWIFT codes of Bank of India, including a list of key branches across India, to help you with your international transactions.
1. What is a SWIFT Code?
A SWIFT code, also known as a BIC (Bank Identifier Code), is an alphanumeric identifier assigned to banks for international transactions. It usually consists of 8 to 11 characters that represent the bank’s name, country, location, and branch.
A typical SWIFT code breakdown:
- First 4 characters: Bank Code (identifies the bank).
- Next 2 characters: Country Code (identifies the country).
- Next 2 characters: Location Code (identifies the location of the bank’s headquarters).
- Last 3 characters (optional): Branch Code (identifies a specific branch).
For example, the SWIFT code of Bank of India’s head office in Mumbai is BKIDINBBXXX, where:
- BKID stands for Bank of India.
- IN represents India.
- BB identifies the location (Mumbai).
- XXX refers to the main branch or the head office.
2. Overview of Bank of India
Founded in 1906, Bank of India (BOI) is one of India’s oldest and largest nationalized banks. Headquartered in Mumbai, Bank of India provides a wide range of financial services, including retail, corporate, and international banking. The bank’s extensive network spans India and the world, making it a trusted institution for handling domestic and international transactions.
The bank is an active member of the SWIFT network, enabling it to facilitate secure international money transfers for individuals and businesses. By using the correct SWIFT code, you can ensure smooth cross-border transactions with Bank of India.
3. Importance of a SWIFT Code
A SWIFT code is essential for:
- International Money Transfers: Ensures that funds are routed to the correct bank and branch in foreign currency transactions.
- Foreign Exchange Services: Facilitates secure foreign currency transactions for businesses and individuals.
- Global Payments: SWIFT codes are used to send and receive payments internationally, including for trade financing and personal remittances.
4. SWIFT Codes of Bank of India for Major Branches
Bank of India has several branches across India that facilitate international transactions, and each branch has a unique SWIFT code. Here is a list of SWIFT codes for major Bank of India branches across India:
| Branch Name | SWIFT Code |
|---|---|
| Bank of India, Head Office, Mumbai | BKIDINBBXXX |
| Bank of India, New Delhi | BKIDINBBNDD |
| Bank of India, Kolkata | BKIDINBBKOL |
| Bank of India, Chennai | BKIDINBBCHE |
| Bank of India, Bangalore | BKIDINBBBLR |
| Bank of India, Hyderabad | BKIDINBBHYD |
| Bank of India, Ahmedabad | BKIDINBBAHM |
| Bank of India, Pune | BKIDINBBPUN |
| Bank of India, Jaipur | BKIDINBBJAI |
| Bank of India, Lucknow | BKIDINBBLKO |
| Bank of India, Coimbatore | BKIDINBBCOI |
| Bank of India, Chandigarh | BKIDINBBCHD |
| Bank of India, Surat | BKIDINBBSRT |
| Bank of India, Goa | BKIDINBBGOA |
| Bank of India, Patna | BKIDINBBPAT |
| Bank of India, Nagpur | BKIDINBBNGP |
| Bank of India, Indore | BKIDINBBIND |
| Bank of India, Bhubaneswar | BKIDINBBBHU |
| Bank of India, Bhopal | BKIDINBBHOP |
| Bank of India, Kochi | BKIDINBBKOC |
| Bank of India, Thiruvananthapuram | BKIDINBBTVM |
| Bank of India, Varanasi | BKIDINBBVAR |
These SWIFT codes are used to facilitate international wire transfers into these specific branches. Always ensure you use the correct code for the specific branch you are dealing with to avoid delays in your transactions.
5. How to Use Bank of India’s SWIFT Code for International Transactions
When you are sending or receiving money internationally using Bank of India, you will need to provide certain details for the transaction to proceed smoothly. Here’s a quick guide on how to use the SWIFT code:
- Recipient Details:
- The full name of the recipient.
- The recipient’s bank account number or IBAN (International Bank Account Number).
- Bank Details:
- Name of the bank (e.g., Bank of India).
- The branch name (if necessary) and the SWIFT code of that branch (e.g., BKIDINBBXXX for the Mumbai Head Office).
- Transaction Information:
- The amount and currency being transferred.
- Purpose of the transaction (e.g., personal remittance, business payment).
By entering the correct SWIFT code, the money will be routed directly to the intended branch of Bank of India.
6. Frequently Asked Questions (FAQs) About Bank of India SWIFT Codes
Q1. Do I need a SWIFT code for domestic transfers within India?
No. For domestic transfers within India, you will need the IFSC code (Indian Financial System Code), which is used for NEFT, RTGS, and IMPS transactions. The SWIFT code is only used for international transfers.
Q2. What happens if I use the wrong SWIFT code?
If you use an incorrect SWIFT code, the transaction could be delayed, misrouted, or even rejected. Always double-check the SWIFT code before initiating an international transfer.
Q3. Can I use the SWIFT code of the head office for any Bank of India branch?
No, you should always use the specific SWIFT code for the branch where the recipient holds their account. If a branch does not have a unique SWIFT code, you may use the head office’s SWIFT code (BKIDINBBXXX) as a fallback option, but it is always better to verify the correct code.
Q4. Where can I find the SWIFT code for a specific Bank of India branch?
You can find the SWIFT code of any Bank of India branch by:
- Visiting the official Bank of India website.
- Contacting the bank branch directly.
- Checking online directories that list SWIFT codes for banks worldwide.
7. Why Choose Bank of India for International Transactions?
There are several advantages to choosing Bank of India for your international banking needs:
- Extensive Branch Network: Bank of India has a widespread network of branches across India and overseas, making it convenient for international transfers.
- Secure Transactions: Bank of India is a member of the SWIFT network, ensuring that all cross-border transactions are secure and reliable.
- Global Connectivity: Through its SWIFT codes, Bank of India connects customers to banks around the world, making international trade, personal remittances, and business payments easier.
- Foreign Exchange Services: Bank of India provides competitive foreign exchange rates and offers services to facilitate transactions in multiple currencies.
8. Conclusion
The SWIFT code is an essential part of international financial transactions, ensuring that funds are transferred securely between banks across different countries. If you are using Bank of India for sending or receiving international payments, it is crucial to use the correct SWIFT code to ensure smooth and secure transactions.
With its vast network and strong global presence, Bank of India is a trusted institution for international banking services. Whether you’re sending money home, receiving foreign payments, or engaging in business transactions, the information in this guide should help you find the right SWIFT code and make your international transfers seamless.