List of Bank and Swift Codes in Somalia
The SWIFT code of a bank is an
alphanumeric code that uniquely identifies your financial institution.
SWIFT code is also known as BIC or Bank Identifier Code. You do need to
know your bank's SWIFT code if you are doing international transactions
or wire transfers. MT103 is the format banks use when they execute what
is known as a wire transfer, cable transfer, funds transfer, telegraphic
transfer or SWIFT transfer.
The SWIFT code is 8 or 11 characters, made up of:
- if the second character is "0", then it is typically a test BIC as opposed to a BIC used on the live network.
- if the second character is "1", then it denotes a passive participant in the SWIFT network
- if the second character is "2", then
it typically indicates a reverse billing BIC, where the recipient pays
for the message. As opposed to the more usual mode whereby the sender
pays for the message.