Deutsche Bank is one of the world’s largest commercial banks. It is based out of Germany, with its headquarters located in the city of Hesse. The bank provides a wide range of financial services such as foreign exchange, investments and insurance. At one point, the bank was even honored as the largest exchanged dealer in the world. You will find that this bank has offices in almost every major financial center in the world. Deutsche bank has offices in London, Toronto, Mumbai, and Bangkok to name a few of the powerful financial centers in the world.
If you are considering transferring funds between your accounts in Deutsche bank with another account of any bank in another country, then you have to know two things. The first information that you have to be aware of is the SWIFT code, which is a unique BIC CODE that is assigned to Deutsche bank by the SWIFT organization. This code for Deutsche bank is DEUTDEFF.
Of interest in Swift codes is that, they can be 8 characters in length or 11 characters in length. So far we have mentioned the 8 character SWIFT code, which always refers to the main branch of the bank. This code is unique, in the sense that, no other bank in the world has the same codes. An example of an 11 character code would be DEUTINBBBGL. This is the SWIFT code for the branch of Deutsche bank that is in Bangalore. Another example for an 11 character SWIFT code is DEUTDEBB101, which belongs to the Berlin branch of the bank.
Now that you have learnt about these SWIFT codes, you may be wondering, why use them at all? The answer must be obvious by now but there will always be some confusion about this complicated system. It never hurts to understand and no something in full detail. The world economy did not evolve at the same pace and at the same time. While some countries have advanced banking systems, some have very basic banking systems. Within a country banking protocols would be governed in uniform fashion. Yet, one cannot say that all banks all over the world will follow the same system.
However, the world economy has always been interacting with each other. So, there was a need for a system for banks to exchange messages without any confusion. They wanted a system that was reliable and hence secure. In any system, things will happen as planned, only if the naming is done correctly. That naming system is the SWIFT code system, and it stands as the very foundation of international wire transfers today.