SWIFT Code, its Uses and the List of SWIFT Codes for Banks in Nepal

A SWIFT code is a  standard structure of bank identifier code accustomed to particularize a specific bank or branch. It is utilized while transferring money between banks, especially for international wire transfers.  Here we talk about SWIFT code, its uses, and the use in banks of Nepal.

What is SWIFT Code and Why is it Used?

These codes are used to distinguish the country, bank, and branch in which an account is documented. For transferring money globally in a secure manner, financial institutions depend on a  network that is governed by Society for Worldwide Interbank Financial Telecommunication i.e SWIFT. For money transfers, SWIFT allocates each engaged financial organization with a unique code, and this code is referred to as SWIFT code. 

These codes consist of either 8 or 11 numbers and letters and are fundamental in the successful conduct of international money transfers due to the fact that they provide vital information while transferring money. Without swift code, the bank transfer you make might not get to its proper destination.

SWIFT Code in Nepal

Banks in Nepal have their own unique Swift code or BIC i.e Bank Identifier Code. SWIFT codes in Nepali banks are specialized and they tell the financial system how and where to send money. In Nepal, we aren’t granted a separate IBAN i.e International Bank Account Number which helps identify an individual account in the individual transaction, but our normal bank account number works well.

One can usually find their swift code or BIC code in their bank account statements. One can also view this code by logging in to their bank’s account and inspecting their statement. These specialized identifiers are digital addresses of each institution involved in money transfer and they help to effectively identify every institution in the network of SWIFT.

Due to this code, your funds get transferred quickly to your bank account and international transfers have also been made simpler and more economical in Nepal since the costs are low while exchange rates are huge. This will be profitable if you are a self-employed worker or if you have accumulated funds online. SWIFT codes are a key component that narrates the Nepali banking system to operate each transfer. These codes are supported by many banks of Nepal, some of the banks who are active participants and who are connected to the SWIFT network are: Civil bank situated in Kathmandu city, Global bank situated in Birgunj, Standard chartered bank of Kathmandu, Kumari bank situated in Kathmandu and numerous others.

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List of Swift Codes of Banks in Nepal

Below is the list of SWIFT codes of Nepali banks provided by the SWIFT codes.com. These are the Nepali banks that are connected to the SWIFT network.

SWIFT codes are vital during an international transaction since they ensure money going to the right destination easily and conveniently. What do you think about SWIFT codes?