ISO 9362 List of BIC codes major Banks worldwide

ISO 9362 (also known as SWIFT-BIC, BIC code, SWIFT ID or SWIFT code) is a standard format of Business Identifier Codes approved by the International Organization for Standardization (ISO). It is a unique identification code for both financial and non-financial institutions.[1] (When assigned to a non-financial institution, a code may also be known as a Business Entity Identifier or BEI.) These codes are used when transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks. The codes can sometimes be found on account statements.
The overlapping issue between ISO 9362 and ISO 13616 is discussed in the article International Bank Account Number (also called IBAN). The SWIFT network does not require a specific format for the transaction so the identification of accounts and transaction types is left to agreements of the transaction partners. In the process of the Single Euro Payments Area the European central banks have agreed on a common format based on IBAN and BIC including an XML-based transmission format for standardized transactions; the TARGET2 is a joint gross clearing system in the European Union that does not require the SWIFT network for transmission (see EBICS). The TARGET-directory lists all the BICs of the banks that are attached to the TARGET2-network being a subset of the SWIFT-directory of BICs.

The latest edition is ISO 9362:2009 (dated 2009-10-01). The SWIFT code is 8 or 11 characters, made up of:
4 letters: Institution Code or bank code.
2 letters: ISO 3166-1 alpha-2 country code
2 letters or digits: location code
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.
3 letters or digits: branch code, optional ('XXX' for primary office)
Where an 8-digit code is given, it may be assumed that it refers to the primary office.
SWIFT Standards, a division of The Society for Worldwide Interbank Financial Telecommunication (SWIFT), handles the registration of these codes. Because SWIFT originally introduced what was later standardized as Business Identifier Codes (BICs), they are still often called SWIFT addresses or codes.
The 2009 update of ISO 9362 broadened the scope to include non-financial institutions, before then BIC was commonly understood to be an acronym for Bank Identifier Code.
There are over 7,500 "live" codes (for partners actively connected to the BIC network) and an estimated 10,000 additional BIC codes which can be used for manual transactions.

Search SWIFT Code BIC by country or by Bank Name http://www.codeswiftbic.com/

Online banks Vs. Brick And Mortar banks

Virtual banks vs Brick-to-click banks

Virtual banks 
If you don't mind foregoing the teller window, lobby cookie and kindly bank president, a "virtual" or e-bank, such as Virtual Bank or Giant Bank, may save you very real money. Virtual banks are banks without bricks; from the customer's perspective, they exist entirely on the Internet, where they offer pretty much the same range of services and adhere to the same federal regulations as your corner bank.
Virtual banks pass the money they save on overhead like buildings and tellers along to you in the form of higher yields, lower fees and more generous account thresholds.

The major disadvantage of virtual banks revolves around ATMs. Because they have no ATM machines, virtual banks typically charge the same surcharge that your brick-and-mortar bank would if you used another bank's automated teller. Likewise, many virtual banks won't accept deposits via ATM; you'll have to either deposit the check by mail or transfer money from another account.

Brick-to-click banks 
Today, most large national banks, many regional banks and even smaller banks and credit unions offer some form of online banking, variously known as PC banking, home banking, electronic banking or Internet banking. Those that do are sometimes referred to as "brick-to-click" banks, both to distinguish them from brick-and-mortar banks that have yet to offer online banking, as well as from online or "virtual" banks that have no physical branches or tellers whatsoever.
The challenge for the banking industry has been to design this new service channel in such a way that its customers will readily learn to use and trust it. After all, banks have spent generations earning our trust; they aren't about to risk that on a Web site that is frustrating, confusing or less than secure.

Most of the large banks now offer fully secure, fully functional online banking for free or for a small fee. Some smaller banks offer limited access or functionality; for instance, you may be able to view your account balance and history but not initiate transactions online. As more banks succeed online and more customers use their sites, fully functional online banking likely will become as commonplace as automated teller machines.


Brick And Mortar banks
A traditional "street-side" business that deals with its customers face to face in an office or store that the business owns or rents. The local grocery store and the corner bank are examples of "brick and mortar" companies. Brick and mortar businesses can find it difficult to compete with web-based businesses because the latter usually have lower operating costs and greater flexibility.


When the government passed legislation opening up hundreds of billions of dollars for stimulus spending two years ago, it's not as if that enormous sum of cash suddenly appeared in a vault somewhere.

Sure, the government had a fair share of cash-on-hand, billions worth, but the overwhelming majority of that money was, for lack of a better word, imaginary.

It existed not in physical space, but in calculable, kept-track of data through a series of electronic transfers and transactions.

To this day, as the stimulus spending dries up, very little cold hard cash was ever dispersed.

Physical currency has always been a means to an end. In the age of the Internet, the need to carry actual sums is no longer necessary. Therefore, what's the point of a brick and mortar bank? Is there a reason we need to burden city blocks with insurance nightmares, and make banking customers pay for services they rarely use anymore?

Sure there's the worry that some evil villain is going to discharge an EMP over New York City, wiping out every financial record in existence, but let's get real here. The true natural value of paper currency existing in a vault is no different than it existing as a series of ones and zeroes. Both, in the event of a true crisis, would be equally worthless.

So, the shift to strictly online banking makes sense on a logical level, but what about on an economic and personal level? To decide that, consider the following:

-Online banks have higher interest rates: They can because they have much less overhead to worry about than banking institutions with real world locations. It's also an incentive they use to drive business their way. Why not offer higher interest? So why not take advantage of it?

-Online checking accounts are easy and safe: The actual check - when was the last time you saw one or used one? Your 15th birthday and your college apartment rent, are probably your answers. The account itself existing online is much more important for automatic withdrawals and other things you'll use it for. Plus, without the paper trail of an actual check, identity theft is significantly reduced.

-ATM access is ample: Despite what you might think, online banks and credit unions have a vast network of ATMs that oftentimes have no surcharges for cross-banking withdrawals. You see, that surcharge you pay with normal banks is nonsense, because it costs them nothing to have a robot reroute your funds through another bank. It's a slick way of paying for all that overhead. Online banks don't need to do that, and see the freedom and prevalence of their ATMs as a way to attract customers.

-Credit unions are cooler: Without all the added riffraff of investment accounts and other big boy nonsense, low-key online credit unions focus entirely on simple daily bankers like yourself. This means their services are catered to you and you alone.

-Nobody respects the “too big to fail” banks anymore: This includes you, and you know it. They're the clowns that got us into the economic train wreck we find ourselves in today, and are the main bums responsible for why we're having such a hard time clawing our way out. Forget about it. Deposit your money with smaller streamlined online banking organizations that aren't responsible for the Great Recession.

Money is imaginary. Whether it's cash or code, it's just a method of simplifying valuation of goods and services. So skip the brick and mortar bank for a banking website; there's seriously no difference except in savings and superior service.

Like brick-and-mortar banks, most online banks are also covered by FDIC insurance, so customers don’t have to worry about losing their money if an online institution fails.

Using online banks can expose you to some higher than normal fees, however. Because most online banks do not maintain their own network of ATMs, you may have to pay ATM use fees when using cash machines to make withdrawals. Some banks like ING will waive these fees on their side, but you will probably still have to pay ATM operator’s fees.

Another potential drawback to using online banks is the slowness of money transfers and deposits. Check deposits must be mailed to the bank, and it can take several days before those funds are accessible. While transferring money between different accounts at the same online bank is instant (like between savings and checking), transferring funds between an online bank and a traditional bank can take several business days. On the plus side, this can restrict mindless spending, but it can prove problematic if you need your money right away.

One of the main advantages to using a traditional banking account is the quick and easy accessibility of your money. Traditional banks typically have a network of fee-free ATMs in your area and you can get face-to-face customer service from bank tellers when needed. Customer service is also available by phone from most online banks, however.

Making non-electronic deposits is often easier at a brick-and-mortar bank. Traditional banks accept all kinds of deposits including cash, paper checks, wire transfers and electronic deposits. While most online banks will accept paper check deposits, they take longer to deposit because they have to go through the mail. To deposit cash, you have to do a wire transfer.

For those who are used to working online, online banking is an appealing option. Most large traditional banks also offer online banking features, however. Checking balances, bill paying and transferring funds between accounts is just as easy with these online features as it is with online-only banks.

To get the best of both worlds, consider opening accounts with both an online bank and a brick-and-mortar bank. Linking your online account to a traditional bank is typically free and easy. Stash savings in the online account to enjoy higher interest, but keep some cash in the traditional account for every day expenses and easy access.

All about online banking

Origin of online banking 
The advent of the Internet and the popularity of personal computers presented both an opportunity and a challenge for the banking industry.

For years, financial institutions have used powerful computer networks to automate millions of daily transactions; today, often the only paper record is the customer's receipt at the point of sale. Now that its customers are connected to the Internet via personal computers, banks envision similar economic advantages by adapting those same internal electronic processes to home use.

Banks view online banking as a powerful "value added" tool to attract and retain new customers while helping to eliminate costly paper handling and teller interactions in an increasingly competitive banking environment.

What is online banking? 
If you're like most people, you've heard a lot about online banking but probably haven't tried it yourself. You still pay your bills by mail and deposit checks at your bank branch, much the way your parents did. You might shop online for a loan, life insurance or a home mortgage, but when it comes time to commit, you feel more comfortable working with your banker or an agent you know and trust.
Online banking isn't out to change your money habits. Instead, it uses today's computer technology to give you the option of bypassing the time-consuming, paper-based aspects of traditional banking in order to manage your finances more quickly and efficiently.

Disadvantages of Internet online banking

•Start-up may take time: In order to register for your bank's online program, you will probably have to provide ID and sign a form at a bank branch. If you and your spouse wish to view and manage your assets together online, one of you may have to sign a durable power of attorney before the bank will display all of your holdings together.
•Learning curve: Banking sites can be difficult to navigate at first. Plan to invest some time and/or read the tutorials in order to become comfortable in your virtual lobby.
•Bank site changes: Even the largest banks periodically upgrade their online programs, adding new features in unfamiliar places. In some cases, you may have to re-enter account information.
•The trust thing: For many people, the biggest hurdle to online banking is learning to trust it. Did my transaction go through? Did I push the transfer button once or twice? Best bet: always print the transaction receipt and keep it with your bank records until it shows up on your personal site and/or your bank statement.online banking

Advantages of online banking
•Convenience: Unlike your corner bank, online banking sites never close; they're available 24 hours a day, seven days a week, and they're only a mouse click away.
•Ubiquity: If you're out of state or even out of the country when a money problem arises, you can log on instantly to your online bank and take care of business, 24/7.
•Transaction speed: Online bank sites generally execute and confirm transactions at or quicker than ATM processing speeds.
•Efficiency: You can access and manage all of your bank accounts, including IRAs, CDs, even securities, from one secure site.
•Effectiveness: Many online banking sites now offer sophisticated tools, including account aggregation, stock quotes, rate alerts and portfolio managing programs to help you manage all of your assets more effectively. Most are also compatible with money managing programs such as Quicken and Microsoft Money.

Advantages of Internet Banking

Banking around the clock is no longer a remote possibility. But the banks don't have to keep their branches open 24 hours a day to provide this service. This is one of the biggest advantages of Internet banking.

One doesn't have to go to the bank's branch to request a financial statement. You can download it from your online bank account, which shows you up-to-the-minute updated figures.

Another advantage of Internet banking is that it is cost-effective. Thousands of customers can be dealt with at once. There is no need to have too many clerks and cashiers. The administrative work gets reduced drastically with Internet banking. Expenditures on paper slips, forms and even bank stationery have gone down, which helps raise the profit margin of the bank by a surprisingly large number.

As far as customers are concerned, their account information is available round the clock, regardless of their location. They can reschedule their future payments from their bank account while sitting thousands of miles away. They can electronically transfer money from their bank accounts or receive money in their bank accounts within seconds.

You can apply for a loan without visiting the local bank branch and get one easily. You can buy or sell stocks and other securities by using your bank accounts. Even new accounts can be opened; old accounts can be closed without doing tedious paperwork. Especially with the increasing acceptability of digital signatures around the world, Internet banking has made life much easier and banking much faster and more pleasant, for customers as well as bankers.

Internet Banking provides detailed information on Internet Banking, Advantages Of Internet Banking, Internet Business Banking, US Internet Banking and more. Internet Banking is affiliated with Best Internet Banks.

Three Advantages of Online Banking
Online banking is becoming much more common. You can pay your bills online and access a record of your checking account transactions online. Online banking is a great feature, and most banks do offer it. Online banking makes everything you do with your finances a bit easier. You can access the information anywhere that you have access to the Internet. It makes your financial life much easier to manage.

1. Pay Your Bills Online
You can use online banking to pay your bills. This will eliminate the need for stamps and protect yourself from the check being lost in the mail. Most banks will have a section in which you set up payees. You will need to fill out the information once, and then you can simply choose that profile every time you pay a bill online. If your bank will not pay bills online you may consider paying online through the company. Be careful since some of these companies may charge a convenience fee.

2. View Your Transactions
Online banking allows you to access your account history and transactions from anywhere. This is the quickest way to check and see if a transaction has cleared your account. This can help you to find out the amount of a transaction after you have lost your receipt. It also allows you to find out about unauthorized transactions more quickly. This can help you to resolve the issues more quickly.

3. Transfer Money Between Accounts
Online banking also allows you to transfer money between accounts much more quickly. It is more convenient than using the automated phone service, and can save you a trip to the bank. When you apply or set up your online banking, be sure that all of the accounts you have at the bank are listed. This will make it easier to transfer money and make loan payments online.

Online Banking - 5 Advantages to Save You Time and Money
If you haven't starting taking advantage of your bank's online services, you should! Online banking has many advantages over traditional banking:

1. Download Banking Transactions. You can download your banking transactions directly into your financial software as often as you like. If you use your ATM card often, this is a must, because it keeps your bank balance current in your financial software. You won't have to worry about keeping all those debit card receipts.

2. Download Credit Card Transactions. You can download credit card transactions directly into your financial software. Don't waste time entering credit card charges by hand - download them! This is probably one of the biggest advantages of online banking, since entering credit card transactions manually can be very time consuming.

3. Online Bill Payment. Online bill payment is easier and less expensive than generating and mailing a paper check. Your bank may offer free bill pay services - if so, this saves the expense of ordering checks and buying stamps. Checks will be generated and mailed by your bank at your authorization. Plus, the checks will have the vendor names directly on your bank statements, next to the amount of the check and check number. This is not true for traditional checks.

4. Quickly Verify Bank Balances. If you need to verify your bank account balance, just signin to your bank's online services. No more waiting for the bank statement, or calling the bank to get your balance. To get an accurate balance, take the bank's balance as shown online, subtract any outstanding checks, and add any outstanding deposits.

5. Quit Paying Bills. Use your vendor's auto-debit or auto-charge feature. Once established, your bill will be paid automatically through your bank or credit card account. This eliminates the step of manually paying the bill! Perfect for gas, electric, water, cable, phone, and other utility-type payments.

Save yourself time and money by taking advantage of online banking. Call your bank and credit card companies today to find out how to enroll in their online services.

Online Banking: Advantages and Disadvantages

Online Banking: Advantages and Disadvantages 
With the increasing popularity of the internet, more and more industries are seeking ways to utilize this popular medium in an effort to keep up with the changing technological preferences of their customers. These days you can do just about anything online from grocery shopping to making a free phone call to a friend in Tokyo through your PC. The possibilities of the internet are seemingly endless and the banking industry has decided that it will not be left behind. While most people have at least heard of online banking, the majority of them have probably not tried it yet. Maybe it's because we find more comfort in working with real people and real paper when it comes to money matters rather than performing transactions in the seemingly impersonal universe of the World Wide Web. Whatever the case may be, there are both advantages and disadvantages to online banking. This article will outline these advantages and disadvantages so you can either feel justified in your fears or see online banking as a safe way to quickly and efficiently manage your finances.

Let's begin with the advantages of online banking.

First, online banking is convenient. It allows you to perform transactions, pay bills and check balances 24 hours a day, 7 days a week. The bank virtually never closes because it is as accessible as your PC or laptop computer. No matter where you are in the country or in the world, you can visit your online bank and handle money matters. You can even schedule to pay several payees ahead of time rather than keeping up with paper bills or trying to remember when to visit a payee's web site to make an online payment. Your bank will automatically send the payments on your behalf in the amounts and on the dates you specify.

Second, online banking is fast, efficient and effective. Through the internet, transactions are typically performed and executed at a faster rate than ATM's. In addition, online banks give you the ability to handle several bank accounts (checking, savings, CDs, IRAs, etc.) from one site. The majority of banking sites are also compatible with programs like Quicken and Microsoft Money, so as to allow for more effective management of assets.

Just as with anything else, there are disadvantages to online banking.

The main issue for most people is that of trust. They may wonder if their transaction went through successfully or if they clicked on the correct button. The best way to overcome this uneasiness is to make a habit of printing the transaction receipt. Keep this receipt until your bank statement or online account view confirms that you have successfully executed the transaction.

Online banking sites can also take a while to start up and can be difficult to learn at first. Some banks require customers to provide some form of photo identification in addition to signing a form at one of their branches. Spouses may also have to sign a power of attorney if you both plan to access and handle your accounts together online. In addition to all of this, it may take a while to learn how to use your banking site. Most if not all banks will offer an online banking tutorial. Some even offer live customer support for online banking via chat, email, or phone.

Clearly, online banking has both advantages and disadvantages. It simplifies life for some people and for them it is frankly a better way to bank. For others it may be a little more complex and downright intimidating. In light of these two perceptions, more and more banks are offering online banking as a viable option for their customers.

The advantages of online banking
Going to a bank can take a lot of your time, considering the fact that banks have a fixed timetable and the most of the times you have to queue up because everybody seems to go there at the same time with you.

And this happened because with online banking:

A lot of your time will be saved because you don't have to visit a bank and wait in a long queue;

Online banking is more accessible because it gives you the opportunity to check your bank account at a time and a place that is favorable to you;
No matter the place where you are, as long if you have Internet access, you can take care of your finances through online banking service;

Online banking involves no difficulties in carrying out financial transactions, which are safe and secure;
Almost every financial institution offers you the possibility to see your latest transactions, transfer money to people or institutions, pay checks, apply for loans and arrange or change standing orders and direct debits.

Some Reasons to Avoid Online Bank Accounts, Technical difficulties. Sometimes online banking Websites go down. When this happens, there's no backup branch that you can go to -- and the phone lines will be clogged. To protect yourself, always keep a local bank or credit union account open with some emergency cash so you won't be penniless while they fix the problem.

3 Reasons Not to Use Online Bank Accounts
Online bank accounts are great. They typically offer high rates for web-savvy saver. However, the high returns come at a cost. You need to know what the tradeoffs are to avoid unpleasant surprises. Here are a few reasons NOT to use online bank accounts.

1. Customer Service With Online Bank Accounts
One reason to avoid online banks is that you may run into bad customer service. With a brick-and-mortar bank, you’ll likely have some familiarity with the staff. At a small credit union, the staff might know you well.

Why does this matter? It’s easier to get good service if you know the staff and they know you. You can pick and choose who you deal with. However, if your online bank account offers any phone service, you have to take your chances with the “1-800 Lottery”. You might get somebody helpful and knowledgeable, or you might not.


2. Online Bank Accounts and Speed of Clearing
The internet is supposed to make things faster. However, you might have to wait a long time for checks to clear. You certainly can’t ask for a cashier’s check if you’re in the middle of a crisis and you need settled money yesterday.

Likewise, deposits to your online bank account can be really slow. If you get a big check and want to start earning interest, you can expect to wait. Now, the higher APY you earn may still make it worth your while, but it’s just no fun to wait.


3. You Can’t Spend It From Your Online Bank Account
You can’t take it with you when you go, so why not use some of that money? Online bank accounts make it hard to spend your money. You really have to plan on keeping your money in the account.

Advantages and Disadvantages of Swiss Online Banking Services

Not many things are cooler than being able to say, “OK. I’ll get you the money once I transfer it from my Swiss bank account” It immediately gives one an air of worldliness, wealth and a slight hint of danger. So, if you want these attributes to be applied to you despite never having left the country, living in squalor and being too afraid to break the law, here’s how to open a Swiss bank account.


With the advent of the Internet and Internet-related services, technological conveniences and advances have somehow made their way into our daily lives and have now become a major part of us. So, it comes as no surprise to us that the banking industry has also developed into a major presence over the Internet as well. But just how safe is online banking? Will your money really be secure?
With the popularity of the Internet increasing steadily, most of the industries are finding new and interesting ways to make use of this new and equally interesting medium so as to keep up with the constantly changing preferences of clients all over. Nowadays, you can do almost anything over the Internet – from shopping for groceries to making a free call to a friend in New Zealand through your computer! Yes, the Internet has seemingly endless possibilities and the banking industry in turn has decided that it won’t be left behind the rest of the pack.

While most of us have heard about online banking services, more than a majority of us have probably not even tried it out yet. It could possibly be because we are more comfortable working with real people; paper and money instead of its virtual counterpart, as performing transactions over the Internet can be very impersonal. Whatever may be the reason; there are a number of advantages and disadvantages to online banking services. This article will outline the good side as well as the bad side to online banking so that you can either feel that online banking is a safe way to manage your finances, or you could possibly be justified in your fears.

Swiss Bank Account Advantages Privacy

Your relationship with your Swiss bank can be compared to doctor/patient confidentiality or the private information you might share with an attorney. Swiss law forbids bankers to disclose the existence of your account or any other information about it without your consent (except for certain circumstances, which we'll discuss later). Where the similarity ends is when that privacy is violated. Whereas in the United States, if your doctor or attorney violates your confidence you must begin legal action; in Switzerland, if a banker divulges information about a bank account without permission, immediate prosecution is begun by the Swiss public attorney. Bankers face up to six months in prison and a fine of up to 50,000 Swiss francs. And, you have the option of suing the bank for damages. Needless to say, Swiss banks are very careful about protecting your privacy.
The only exceptions to the Swiss banking privacy rule are criminal activities such as drug trafficking, insider trading or organized crime, which we'll talk more about later.

Low Risk
So privacy is a big deal if you have money you don't want other people to know about, and unless you're a criminal it's highly unlikely anyone can ever find out about your account. For example, doctors who might be sued for malpractice might have money in a Swiss account to prevent them being totally wiped out in the event of lawsuit. Unethical, yes, but it happens. Really, anyone can have assets that they want to protect from attack. Sometimes, though, privacy isn't the main reason people want a Swiss bank account. Switzerland has had an extremely stable economy and infrastructure for many years and hasn't been at war with another country since 1505. Swiss bankers are also highly trained in investing and know how to grow your money.

Increasing your wealth means little if your money isn't protected. So, how safe is your money in a Swiss bank? Depositor protection in Switzerland is governed by the Swiss Bankers Association's (SBA) self-regulatory Depositor Protection Agreement and, since July 1, 2004, was also codified into the Swiss Banking Act with a few additional requirements that significantly strengthened depositor protection in Switzerland [Source: SwissBanking.org]. The revised Depositors' Protection Agreement covers all deposits and is also applicable to non-bank securities dealers. Protecting depositors is vital in maintaining public confidence in the Swiss banking system and, in order to strengthen this confidence, the SBA had drawn up a self-regulatory Depositor Protection Agreement with its member banks in 1984. This agreement guarantees that, in the event of a bank failure, depositors will rapidly receive their legally privileged claims. As an additional safety measure, Swiss law demands high capital adequacy. Swiss banks can therefore certainly be counted amongst the safest in the world.

In fact, the Swiss franc is considered one of the world's premier currencies with virtually zero inflation and has been historically backed by at least 40 percent gold reserves. Swiss banks are also known to have very sophisticated investment services and Internet banking.