The SWIFT code used in international banking

Q: Answer-The SWIFT code used in international banking transactions is primarily used to identify:

A SWIFT code also known as a BIC is a unique identification code for a particular bank and, often, a specific branch. It is essential for secure international wire transfers.

transactions is primarily used to identify:

A The beneficiary's account number Correct Answer Incorrect Answer

B The specific bank and branch Correct Answer Incorrect Answer

C The type of currency Correct Answer Incorrect Answer

D The nature of the transaction Correct Answer Incorrect Answer

E The exchange rate Correct Answer Incorrect Answer

Solution

A SWIFT code (also known as a BIC) is a unique identification code for a particular bank and, often, a specific branch. It is essential for secure international wire transfers.

Practice Next

More Financial Management Questions

Which human organ contains the 'Islets of Langerhans?'
Which two countries signed an MoU for cooperation on food safety during the Global Food Regulators Summit 2024?
Who among the following can terminate the term of the Governor of a state?
Who is the new ambassador of Nikshay Mitra ?
Which of the following is the main end product of carbohydrate digestion?
What is essential for maintaining pregnancy in women?
First king to have the image of Buddha incrisbed on his coin?
Which is the largest organ in the human body?
Which vitamin is also known as 'Ascorbic Acid'?
Which technique is employed for DNA detection?

Thank You for posting your query. Please check your email for further guidance

Please Register/Login to Download Question