How do International wire transfers work exactly? Unique identifiers are assigned to financial institutions as well as individuals to ensure that wire transfers get to the right place and the right person.
A Society for Worldwide Interbank Financial Telecommunications (SWIFT) code is used in international wire transfers. As a standard, a form of Bank Identifier Code (BIC) and a unique SWIFT code made of numbers and letters is assigned to every bank and financial institution. The SWIFT code is necessary to ensure that the transfer is made to the correct bank. Individuals’ accounts are assigned an IBAN (International Bank Account Number) for the same purpose.
The BIC/SWIFT code for Citigroup is CITIUS33. In order to make an international transfer to a foreign account or to receive funds you’ll need the following information.
|SWIFT/BIC Code for Citigroup||CITIUS33|
|Bank address, city & state||Citibank, N.A. 399 Park Avenue New York, NY 10043, USA|
|Beneficiary Account Number||Complete Citigroup bank account number of the recipient (including leading zeros)|
|Beneficiary Name||The name of the recipient as it appears on a bank statement|
SWIFT codes are also known as Business Identifier Codes (BICs). As a unique identifier, these codes allow individuals working within financial institutions to know which specific bank they’re doing business with and where in the world that bank is located. It’s extremely important to use/provide the correct SWIFT code for international wire transfers.
A SWIFT code consists of 8-11 characters:
- AAAA - Bank Code
- BB - Country Code
- CC - Location Code
- DDD - Optional Branch Code
A SWIFT/BIC code is used as the standard in international transactions and is used to identify specific banks. An IBAN (International Bank Account Number) is a unique number used to identify individual accounts. IBAN numbers are used in the EU, Norway, Switzerland, Liechtenstein, and Hungary. More countries are adopting them over time, so don’t be surprised to see IBANs used by other global banks in the future. Similar to the SWIFT code an IBAN is made up of letters and numbers that identify the country, the bank, and the account number.
In the United States routing numbers are used in lieu of IBAN numbers. Routing numbers are exclusively used for domestic wire transfers. For international transfers to and from a US account an IBAN would be needed. To determine your IBAN number, contact your local branch.
Yes, each branch of a bank has its own unique code. The list of Citibank SWIFT codes can be found here.
SWIFT is the system used by banks and larger financial institutions. It’s not necessarily the most efficient nor most cost-effective option available.
Consider TransferWise as an alternative. With a fair exchange rate - the same rate you’d find using a quick Google search - and transfers using local banking systems and local currencies, the international fees applied for sending and receiving funds are eliminated.
The transfers can be handled online for ease and efficiency. TransferWise also offers a high level of security and speed, making it an attractive choice for many people.
What is a Brazilian CPF?A CPF is an individual taxpayer identification number given to people living in Brazil, both native Brazilians and resident aliens,...
Turkey’s vibrant cities and picturesque coastline have long made it a popular tourist destination. Both the Byzantine and Ottoman empires chose Istanbul as...
An exchange rate seems like such a simple concept, right? In today’s world, traveling between countries or sending money abroad has become second nature to...
Guru is a great way for freelancers and clients to connect - wherever on the planet they happen to be. So far, $200 million has been paid out to freelancers...
If you plan to live, work, or invest in Hungary, or if you’re just going to visit, you’ll want to know the basics on spending.In this financial guide to...
Bank of Ireland is one of Ireland’s leading banks, and it operates internationally too. There are a few different ways to make international payments with...