The Industrial and Commercial Bank of China or ICBC as it is popularly referred to as, is a banking powerhouse that is based out of China. This bank, unlike most other largest banks in other countries, was founded less than three decades ago in 1984, with its main offices located in Beijing. Beijing is the financial center of China and is also its capital. Based on its financial statistics such as profit as well its market cap, this bank is the worlds’ largest bank. No other bank even comes close to it, when it comes to the volume of transactions it does every day.
You could be from any country in the world and you have a bank account with a local bank. Let us suppose that, as part of business or personal transaction, you need to send some money over the internet to an account which is part of the ICBC. In such a scenario, there is a code called as BIC code that you have to have with you, to make the transfer. The BIC code, which is also referred to as SWIFT code is mandatory for any online transaction. Without this code, you will simply be unable to make any sort of transactions with any bank which is outside your country.
So where are these SWIFT codes? For starters, the best place to find SWIFT codes is to contact your bank. Since banks deals with others bank every day, they would of course have the active SWIFT codes of all the other banks in the world.
If you want to know how a SWIFT code would appear, or look like, we can share a few examples with you. ICBKCNBJBJM is the SWIFT code that refers to the Beijing branch of ICBC. So, if you are thinking of transferring money to the Beijing branch of that bank, then you will need to use this code for a successful transfer. If there are any errors with this code, then the transfer will fail. Another example or a SWIFT code for ICBC is ICBKCNBJBJI. This works for the Baoji city in China. Like this, you will find that each branch within the bank’s network will have a unique code.
One fact to remember is that, no matter what branch you are choosing, the first digits remain constant. In the two examples that we have presented above, the code for Beijing begins with ICBKCNBJ, followed by BJM. The code for Baoji starts with the same pattern ICBKCNBJ but ends with BJI. This is a simple difference that exists between branches.