When engaging in international financial transactions, one of the essential pieces of information required is the SWIFT code of the recipient’s bank. For those looking to send money to Ethiopia, particularly to the Bank of Abyssinia, understanding the correct SWIFT code is crucial to ensure that funds are transferred accurately and efficiently. The Bank of Abyssinia, established in 1905, stands as Ethiopia’s oldest commercial bank, offering a range of banking services to individuals and businesses alike. With its headquarters located in Addis Ababa, the bank plays a pivotal role in the country’s financial landscape.
What Is a SWIFT Code?
A SWIFT code, also known as a Business Identifier Code (BIC), is a unique identifier assigned to financial institutions worldwide. It facilitates secure and swift international money transfers by specifying the exact bank and branch involved in the transaction. Typically, a SWIFT code comprises 8 to 11 characters, broken down as follows
- Bank Code (4 characters)Identifies the bank.
- Country Code (2 characters)Represents the country of the bank.
- Location Code (2 characters)Indicates the location of the bank.
- Branch Code (3 characters, optional)Specifies the particular branch of the bank.
Having the correct SWIFT code ensures that your international transactions are processed without delays or errors, making it an indispensable component of cross-border financial dealings.
Bank of Abyssinia’s SWIFT Code
The SWIFT code for the Bank of Abyssinia isABYSETAA. This code is used for international wire transfers to the bank’s head office in Addis Ababa, Ethiopia. The breakdown of the SWIFT code is as follows
- ABYSBank Code for Bank of Abyssinia
- ETCountry Code for Ethiopia
- AALocation Code for Addis Ababa
- XXXBranch Code indicating the head office
It’s important to note that while the 8-character version of the SWIFT code isABYSETAA, the 11-character version isABYSETAAXXX, which includes the branch code ‘XXX’ denoting the head office. Both versions are valid and can be used for international transactions, depending on the requirements of the sending bank.
Using the SWIFT Code for International Transfers
When initiating an international money transfer to the Bank of Abyssinia, you’ll need to provide the SWIFT code along with other essential details, such as
- Recipient’s Full NameAs per their bank records.
- Recipient’s Bank Account NumberThe account into which the funds should be deposited.
- Bank NameBank of Abyssinia.
- Bank AddressLegehar Own HQ Building, Kirkos Sub-City, Addis Ababa, Ethiopia.
- SWIFT CodeABYSETAA or ABYSETAAXXX.
Providing accurate information is vital to ensure that your funds reach the intended recipient without any issues. It’s advisable to double-check all details before submitting the transfer request.
Importance of Correct SWIFT Code Usage
Utilizing the correct SWIFT code is paramount in international banking. An incorrect code can lead to
- Delayed TransactionsFunds may be held up or returned if the SWIFT code doesn’t match the recipient bank.
- Incorrect RoutingMoney could be sent to the wrong bank or account.
- Additional FeesBanks may charge extra fees to rectify errors.
- Failed TransactionsIn some cases, the transaction may not be processed at all.
To avoid these complications, always ensure that you have the correct SWIFT code and other necessary details before initiating any international money transfer.
In summary, the SWIFT code for the Bank of Abyssinia isABYSETAA(orABYSETAAXXXfor the 11-character version). This code is essential for conducting international wire transfers to the bank’s head office in Addis Ababa, Ethiopia. By understanding the structure and importance of SWIFT codes, you can facilitate secure and efficient cross-border transactions. Always verify the accuracy of the SWIFT code and other recipient details to ensure that your funds are transferred without any issues.