The Royal Bank Of Scotland, is of course a major bank that operates out of Scotland. It is part of the Royal Bank of Scotland Group. The Group also happens to be the owner of other large banks in Scotland such as NatWest Bank as well as Ulster Bank. These three banks together form the Scotland Group, which provides banking services primarily in the region of British Isles. Interestingly enough, there is another bank in Scotland called as Bank of Scotland, but except for the similarities in the title, they have no connection with each other.
However, it is obvious from this scenario that confusion can ensure. Let’s assume that a friend of yours is in Paris, France. She wishes to transfer some funds to your over the internet. While doing so, it is quite possible that she might make a mistake when choosing the bank. Let us assume that you have an account with Royal Bank of Scotland. However, your friend gets that confused with Bank Of Scotland, which isn’t too hard to imagine. When tries to do the actual transfer, she will probably get an error, it will be a big hassle and confusion will ensue.
This does not happen, and will never happen because of the unique BIC system that has been successfully implemented in the form of SWIFT. The SWIFT network is a secure as well as a fantastically reliable messaging network that is maintained by the organization which is also called as SWIFT. They have the responsibility to implement SWIFT codes and they ensure that no two banks have the same code. The whole system is fascinating and yet very simple for bank customers to use it as part of the daily life routine.
If you were looking to find the SWIFT code for The Royal Bank Of Scotland, you will find the SWIFT code is RBOSGB2L. For all the amazing things that SWIFT allows us to do, the code itself is very simple in nature. You will invariably observe that this code is exactly eight characters. This is something you will be wise to remember. When you are looking SWIFT codes, you will run into codes with eight characters and you will get 11 character items as well. They are both valid.
The SWIFT code has been designed in such a way that, that it can accommodate both eight as well as eleven character items. Why is this difference? Well, the ones with only eight characters are the codes that belong to the main branch, probably the headquarters of that bank.