Whenever you try to wire money to a bank account, you ask to provide a swift code (or BIC code) through web banking. These codes are identified as swift codes due to the SWIFT – Society for Worldwide Interbank Financial Telecommunication that first introduced these codes. This association then standardized as Business Identifier Codes or BIC.
You need to find and provide swift code because almost all banks in the world are members of the swift network. The swift network is actually accountable for money transfers and messages amongst financial and non-financial institutions. This transfer system demands the use of these codes.
What is a SWIFT code?
A SWIFT code (or BIC code) is a unique or standard format of Bank identifies Codes for financial and non-financial institutions and these codes are used for transferring money internationally between banks especially these codes are used for wire transfers.
AAAA BB CC DDD
- First 4 characters – bank code in letters
- Next 2 characters – ISO 3166-1 alpha-2 country code in letters
- Next 2 characters – location code (letters and digits) (passive participant will have “1” in the second character)
- Last 3 characters – branch code, optional (‘XXX’ for primary office) in letters and digits
What is the SWIFT Code for Lloyds Bank (UK)
If you want to make an international transfer to a branch of Lloyds Bank account, or if someone wants to transfer money to your UK centred Lloyds Bank account, you’ll be requested for a SWIFT/BIC code along with particulars like the bank address and Lloyds IBAN.
Where can I get the SWIFT/BIC codes from?
You can find your Bank Identifier Code (BIC or SWIFT) by logging into Online Banking on your paper statement.
To find BIC number online:
- Go to www.onlinebanking.natwestoffshore.com and login.
- Go to ‘Account summary’ page and choose the required account
- Click the ‘View account details’ button
The BIC for this account will be displayed together with your sort code, account number, and branch address.
If you are going to send money out of the country, you will have to ask the person, bank, or company you are paying to advise the BIC/SWIFT code for the account they need the money sent to.
Lloyds TSB Bank PLC Swift Codes in The United Kingdom
Difference Between a SWIFT code, a Routing number, BIC, and an IBAN
Having the right SWIFT code is essential as it gives that the money being transferred reaches to the right country, and the bank. However, you’ll need further confirmation to show in which bank account
For countries in Hungary, Norway, Switzerland, EU, and Liechtenstein you’ll need an IBAN instead of SWIFT code to do this. The IBAN stands for International Bank Account Number, and it recognizes the account number, the bank, and the country the account is in.
Keep in mind that you’ll want to use an IBAN (International Bank Account Number) for:
- Payments in any currency to Kuwait and Lebanon.
- All Euro currency payments to the UK and Europe.
If your bank account is in the United States, you need to know about routing numbers. Both codes are similar but the only difference in routing number and swift code is that the routing numbers are only used for bank transfers made in the US, whereas SWIFT codes are apt for international money transfers.
If your bank account is in the United States, you need to know about routing numbers. Routing numbers are similar to SWIFT codes but the only difference is that the routing numbers are only used for bank transfers made in the US, whereas SWIFT codes are apt for international money transfers.
Other Ways to Send or Receive Money to Lloyds Bank Account
International money transfers might be lavish and costly, but money can be saved by checking the estimated costs before committing to a provider. Your native bank often doesn’t suggest the best deal.
They’ll probably add administration charges, which can be beautifully steep. Moreover, the exchange rates are often poor, because the bank secretly includes their fee in the rate, rather than being fair about the costs.
Instead of banks, you should find a better deal with a specialist service. each time they use the real mid-market exchange rate, and only charge a small transparent fee. And you know, transactions are harmless and quicker than your regular bank.
Do SWIFT codes change from branch to branch?
The sweet and simple answer is YES; every Lloyds Bank branch has a unique SWIFT code. If you can’t discover your branch, you can use the Head Office SWIFT code, and the Head Office will route the payment on your behalf.