Transferring money in between banks internationally may seem like it should be very simple, such as a Citibank wire transfer. However, what goes on behind the scenes of an international transfer is the work of a SWIFT code.
SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication, the cooperative utility that created the SWIFT messaging network banks use to facilitate these international funds transfers. This network connects more than 11,000 entities, including banking and securities organizations, in more than 200 countries and territories. Continue reading to learn more on Citibank SWIFT codes.
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What Is a SWIFT Code?
A SWIFT code — also known as a bank identifier code, or BIC — is what banks use during international wire transfers to identify the particular bank to which the funds will be sent. SWIFT codes contain either eight or 11 characters.
The first four characters of the SWIFT code serve as a bank identification code and are often closely related to the bank’s name in some way, such as an abbreviated version of the name or an acronym. The next two letters are the country code, which identifies the country where the bank is located. Next in the sequence is the city code — two letters or numbers that identify the city where the bank’s headquarters is located. Finally, if the SWIFT code contains the three additional and optional characters — either letters or numbers — those are the branch code, which identifies the bank’s branch office.
How To Find Your Citibank SWIFT Code
Your Citibank’s SWIFT code will depend on where you live. Find your SWIFT code here. Additionally, you can contact your local Citibank branch, log in to your online banking account or reference the following table to find your bank’s SWIFT code.
|Citibank’s address for wire transfers||Citibank, N.A. New York
399 Park Avenue
New York, NY 10043
|Information you’ll need to provide||Recipient’s account information, which will include the recipient’s name, their bank’s name and location and their account number|
|Citibank wire transfer fees||Tiered pricing, but for standard clients:
How Is Your Citibank SWIFT Code Used?
Citibank uses SWIFT codes to help verify and confirm wire transfers between your account and whatever international bank you are dealing with. International banks use SWIFT codes to verify which institutions are facilitating the payments in order to make sure you’re actually receiving your money.
Citibank SWIFT Code vs. Routing Number
SWIFT codes and an American Bankers Association routing number may sound the same, but they are not. Here is a quick run down on their differences.
- Also known as a bank identifier code, or BIC
- Made up of eight or 11 characters
- Used for international transfers via the SWIFT network
- Based on the international bank’s name, branch, country and location
ABA Routing Number:
- Also known as a routing transit number, or RTN
- Nine numbers
- Used for domestic transfers
- Based on the U.S. bank where the account was opened
Fees for Transferring Money
Citibank transfers of any kind will require some sort of fee when you send money, and international transfers will cost more. However, Citibank does offer no-cost transfer for many situations.
Keep in mind that outgoing international wire transfer fees are waived for clients at the Citi Private Bank, Citi Global Executive Preferred Account Package and Citigold Private Client tiers. No matter what type of client you are, make sure you read the terms and conditions of your product so you don’t get charged any hidden fees.
If you are trying to send money to friends and family overseas, then it is imperative that you know your SWIFT code. This is especially the case if you are also a Citibank customer. They have their own unique set of SWIFT codes and it will depend on where you are located. For more post like this, check out our list of bank guides and bank bonuses!