Key Facts About SWIFT Code NEDLLSMX

Postcode 100
Country Lesotho
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All You Need to Know About SWIFT Code and BIC Code

Both the SWIFT Code and the BIC Code are required in order to send money abroad according to the ISO 9362 criteria. The abbreviations SWIFT and BIC refer to the Society for Worldwide Interbank Financial Telecommunication and the Bank Identifier Code, respectively. When making an international transfer of funds, the SWIFT or BIC code is used to identify the receiving bank branch.

What is a SWIFT Code?

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) facilitates communication between financial institutions around the world. When sending money abroad, financial institutions typically utilize a Business Identifier Code (BIC), known as a SWIFT code.

When making cross-border financial transactions, SWIFT/BIC codes—also known as SWIFT numbers—are used to identify individual banks and their branches uniquely. You'll need the recipient's SWIFT code if you wish to transfer money internationally using the SWIFT network.

What is BIC?

The abbreviation "BIC" means "Business Identifier Code." Banks and various other financial and non-financial institutions are given these codes, standardized reference numbers supplied by SWIFT.

A BIC code is a nine-digit number used in international money transfers. Depending on the length of the number, it will tell you which bank owns the account you're sending money to (8 or 11 digits). SWIFT codes are sometimes used interchangeably with BIC codes to refer to the same thing.

What is IBAN?

You may be requested for either an International Bank Account Number (IBAN) or a SWIFT code when making an international wire transfer. The abbreviation "IBAN" refers to International Bank Account Number.

IBANs are comparable to SWIFT codes in function but aren't widely utilized. In order to make a payment to a recipient in Europe or the Middle East, for instance, an International Bank Account Number (IBAN) may be required. Make sure you have all the information needed to handle your payment securely by checking the requirements for the nation you're sending to.

What is SWIFT or BIC Code Format?

The standard length of a SWIFT code is 8 or 11 characters. All 11-digit identifiers designate individual locations, while 8-digit codes (or those ending in 'XXX') identify the headquarters. This is the format used for SWIFT codes: AAAA BB CC DDD. The first four characters are the bank's code (which consists of letters alone). The next two characters are the country's letters-only ISO 3166-1 alpha-2 code. The following two characters (including letters and numbers) represent the location code, with a "1" representing a passive participant. The last three characters, which may be letters or numbers, indicate the branch code, with an optional 'XXX' for the headquarters.

Society for Worldwide Interbank Financial Telecommunication (SWIFT) is based in La Hulpe, Belgium, and is responsible for managing SWIFT code registrations. S.W.I.F.T. SCRL, with a registered address of Avenue Adèle 1, B-1310 La Hulpe, Belgium, owns the trademark for SWIFT.