SWIFT/ BIC Codes for Banks in Malaysia

When dealing with international financial transactions, accuracy and security are paramount. One key component ensuring these elements is the SWIFT/BIC code. In Malaysia, like in other countries, banks use these unique identifiers to streamline and secure the transfer of funds across borders. Whether you're sending money abroad or receiving funds from another country, knowing the correct SWIFT/BIC code for your bank is essential. This article will guide you through understanding SWIFT/BIC codes, their importance, and provide a list of codes for major banks in Malaysia.

What is SWIFT Code/ BIC?

A SWIFT code, also known as a Bank Identifier Code (BIC), is an internationally recognized code used to identify a specific bank during international transactions. It typically consists of 8 to 11 characters, with each section representing different information about the bank:

1. First 4 characters: Bank code (only letters)
2. Next 2 characters: Country code (only letters)
3. Next 2 characters: Location code (letters and digits)
4. Last 3 characters: Branch code (optional, letters and digits)

For example, the SWIFT code for the central office of a bank might look like this: ABCDGB2LXXX.

The Purpose of SWIFT Code/ BIC

• Identifying Banks: It uniquely identifies banks and financial institutions globally, ensuring that funds are transferred to the correct institution.

• International Wire Transfers: It's essential for sending and receiving international wire transfers, helping route the transaction through the appropriate banks.

• Processing Payments: Used in processing international payments, SWIFT codes facilitate smooth and efficient cross-border transactions.

• Communicating Between Banks: Banks use SWIFT codes to communicate securely about financial transactions, including payment instructions, confirmations, and other banking details.

• Trade and Commerce: Businesses use SWIFT codes to pay international suppliers, receive payments from foreign clients, and manage other financial activities involving foreign entities.

List of Swift Code/ BIC in Malaysia

Knowing and using the correct SWIFT/BIC codes is essential for smooth and secure international banking transactions. This ensures your money reaches the right place without any delays or errors.

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