The information required for a transfer depends on the destination country, destination account type and payout methods. TrueMoney recommends to follow below steps:
1) Check available destination countries, destination account type, and payout method here
2) Check with the receiver on which payout methods the receiver prefers
3) Prepare the required information accordingly
SWIFT Code
A SWIFT code is an 8-11 character identifier for banks and financial institutions, crucial for ensuring accurate destination banks or financial institutions. It is also known as a BIC (Bank Identification Code).
Components of a SWIFT Code :
In some cases, the SWIFT code may omit the last three branch-specific characters or use “XXX” instead. You can add “XXX” at the end of the code when making a transaction if needed.
How to find or verify the SWIFT code:
1) Directly ask for the SWIFT code from the receiver who can request it from the destination bank.
2) Check the destination bank’s website.
3) If you need to verify the accuracy of a SWIFT Code, you can do so on the SWIFT Website by entering the provided SWIFT Code in the “BIC” field and the bank’s name.
BSB Code
A BSB code is a 6-character identifier for banks or financial institutions in Australia, crucial for ensuring accurate destination banks or financial institutions in the country.
Components of a BSB Code :
How to find or verify the BSB Code:
1) Directly ask for the SWIFT code from the receiver who can request it from the destination bank.
2) Check the destination bank’s website.
3) Search for or verify the code using the bank name, bank code, and/or branch address on the BSB Website.
IBAN (International Bank Account Number)
The IBAN is a standardized account number used for identifying banks or financial institutions in Europe. It includes information about the destination country, the destination bank, and the receiver’s account number. The IBAN serves as a comprehensive identifier for all critical account details.
Components of IBAN :
How to find or verify the IBAN
1) Directly ask for the IBAN from the receiver. The IBAN is often displayed in the receiver’s banking app, mobile banking, or account statements (in the field labeled “Bank Account Number”)
2) If you need to verify the accuracy of an IBAN, you can do so on the SWIFT Website.
IFSC Code
The IFSC (Indian Financial System Code) is an 11-character identifier used to specify banks or financial institutions in India. It is essential for correctly identifying the destination bank or financial institution.
How to find or verify the IFSC Code
1) Directly ask for the IFSC code from the receiver who can request it from the destination bank.
2) Check the destination bank’s website for the code.
3) Search for or verify the code using the bank name and branch name on the Reserve Bank of India Website.
Branch Code (For Japan)
A 3-character branch code is used in Japan’s banking system to specify the branch managing the receiver’s account. This code is required in addition to the recipient’s account number and SWIFT code.
Since the branch code depends on the location of the recipient’s branch, TrueMoney recommends confirming the details directly with the receiver to ensure accurate transactions.
Routing number / ACH number
A routing number or ACH number is a 9-character identifier used to specify banks or financial institutions in the United States, crucial for ensuring accurate destination banks or financial institutions.
As the United States has a vast number of financial institutions with similar names, TrueMoney recommends confirming the routing number directly with the receiver to avoid errors.
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