Union Bank of India SWIFT Code list

 SWIFT Code of Union Bank of India: A Key to International Transactions

In the modern globalized economy, financial transactions occur frequently across borders. Businesses and individuals alike need efficient methods to send and receive money internationally. One crucial element that facilitates international banking transactions is the **SWIFT Code**. Union Bank of India, a major public sector bank in India, also utilizes this code for its global operations.

In this article, we will explore what a SWIFT Code is, why it is important, and specifically how Union Bank of India's SWIFT Code contributes to its international banking services.

What is a SWIFT Code?

A SWIFT Code (also known as a BIC—Bank Identifier Code) is a standard format for Business Identification Codes (BIC). It is a unique identification code for a bank or financial institution. The acronym SWIFT stands for Society for Worldwide Interbank Financial Telecommunication, a global member-owned cooperative that provides secure financial messaging services.

The SWIFT Code enables banks and other financial institutions to transfer money internationally, as it precisely identifies the recipient’s bank in a cross-border transaction. The code comprises either 8 or 11 characters, each with its own significance:

- The first four characters represent the **bank code**.

- The next two characters denote the **country code**.

- The following two characters indicate the **location code**.

- The final three characters (optional) are the **branch code**, used to specify a particular branch.

For instance, Union Bank of India's SWIFT Code typically looks like this: **UBININBBXXX**. Let's break this down:

- **UBIN** refers to Union Bank of India.

- **IN** is the country code for India.

- **BB** represents the location, which is often the head office.

- **XXX** refers to the branch code, which may be optional depending on the transaction type.

 Importance of SWIFT Codes for International Transactions

SWIFT Codes are essential for several types of international banking operations, such as:

- **Money Transfers**: They are crucial for sending and receiving funds internationally through wire transfers.

- **Foreign Exchange Transactions**: When buying or selling foreign currencies, SWIFT Codes ensure the correct transfer of funds between financial institutions.

- **Trade Finance**: They play a key role in trade finance deals involving letters of credit and other banking instruments that require secure international communication.

Without a SWIFT Code, cross-border transactions may become complicated, prone to delays, or even fail due to a lack of proper identification of the receiving bank.

Union Bank of India and Its SWIFT Services

Union Bank of India provides a wide range of international banking services, from foreign currency accounts to facilitating remittances, trade services, and currency exchange. The bank’s international presence, with representative offices and tie-ups with banks across the globe, makes it a preferred choice for Indian businesses and NRIs (Non-Resident Indians) for cross-border banking.

The SWIFT Code for Union Bank of India ensures that its customers can conduct global transactions with ease and security. The code varies slightly depending on the branch, but the most common code for the bank’s central operations is:

- **SWIFT Code**: **UBININBBXXX**

- **Bank**: Union Bank of India

- **Location**: Mumbai, India

For transactions that involve specific branches, the final three characters (branch code) may change. Therefore, it is essential to confirm the correct SWIFT Code when initiating any international transaction through the Union Bank of India.

#### How to Use the SWIFT Code for Union Bank of India

When performing an international wire transfer to Union Bank of India, the sender will need the following details:

1. **SWIFT Code** of the recipient’s bank branch.

2. **Beneficiary Account Number** with Union Bank of India.

3. **Beneficiary’s Name** as per the bank’s records.

4. **Bank Address** if required (particularly for trade and business purposes).

Once these details are provided, the SWIFT system ensures that the funds are securely transferred to the recipient’s account in Union Bank of India, no matter where the sender is located.

UNION BANK OF INDIA List of Swift Codes

 Conclusion

Union Bank of India’s SWIFT Code is an indispensable tool for its customers involved in international banking transactions. Whether you are a business looking to engage in global trade or an individual sending money abroad, the SWIFT Code simplifies and secures cross-border transactions, ensuring funds are transferred accurately and efficiently.

For anyone planning to use the Union Bank of India for international money transfers, knowing the correct SWIFT Code is vital. Always double-check the code with the branch to ensure a smooth transaction experience.