BIC/SWIFT codes

[lobster940]

I need to send money to a bank account in Thailand to pay an invoice. I'm a little confused and could do with some help!

For the beneficiary, I have the name and address of the bank, the name of the payee, her account number and her residential address details. I also have a SWIFT code which she gave me - KASITHBK.

As I understand, a SWIFT code is exactly the same as a BIC code (the terms are interchangeable - I may be wrong and this is where I'm being confused). A SWIFT code contains four letters to identify the bank (KASI - Kasikornbank Public Company Limited), a two letter country code (TH - Thailand) and two digits to identify the branch location (BK - Bangkok).

Here's the thing - my HSBC banking app, screenshot below, has four BIC codes for the same branch of Kasikornbank:

KASITHBKFMD
KASITHBKCUS
KASITHBKCMD
KASITHBKXXX

The beneficiary doesn't know which is correct. Her local bank branch is closed for a week for public holidays and her bank statement just quotes the SWIFT code of KASITHBK.

Is there any difference between the four suffixes on the BIC codes which HSBC quote above? Can I transfer the funds to either BIC/SWIFT if the beneficiary name and account numbers match?

I'm sending around £400 so I don't particularly want it to get lost.

[Michael_B]

Use the XXX version and it will be fine. I often encounter the same issue when making foreign payments (about 50 per week) to about 15 different countries, including China, South Korea, the USA (where most use ABA routing numbers but some banks use SWIFT/BIC as well). The account name, bank name plus town is usually enough for payment traffic departments to route it correctly.

In some countries one sole SWIFT/BIC is used for all accounts of that bank, e.g. here in Switzerland *all* UBS accounts use UBSWCHZH80A for incoming foreign payments, regardless of the branch location, and then despatch them to the correct account via the IBAN, which includes the sort/branch code.

[lobster940]

Thank you - most helpful!

[EdmondDantes]

Have a look at using Wise, great rates and is usually always cheaper than the high street banks. I use it often to send money to Thailand.

[Moonlight_Sailor]

Michael_B said:

Use the XXX version and it will be fine. I often encounter the same issue when making foreign payments (about 50 per week) to about 15 different countries, including China, South Korea, the USA (where most use ABA routing numbers but some banks use SWIFT/BIC as well). The account name, bank name plus town is usually enough for payment traffic departments to route it correctly.

In some countries one sole SWIFT/BIC is used for all accounts of that bank, e.g. here in Switzerland *all* UBS accounts use UBSWCHZH80A for incoming foreign payments, regardless of the branch location, and then despatch them to the correct account via the IBAN, which includes the sort/branch code.

Hello!

I currently face the same issue with the swift codes, only difference that I stupidly just selected one(KASITHBKFMD), thinking it wouldn't matter too much.
But it's been 2 weeks now since I've send the money and the recipient still hasn't received it :')
On top of that, we both contacted their bank and they said that only version XXX exists.
I'm so lost now and don't know if the money will still get routed correctly or if I should just face it that the money may have arrived at someone else's account.
(I input everything else correctly; name, account number, only the adress I had to shorten cause it didn't fit in the formular anymore)

If you have experience with this or an answer please let me know, I'd be soooo grateful

[LooneyTunes]

Contact your bank: they can message the destination bank via SWIFT to update or even seek to cancel/return the payment.

The recipient’s bank may find it hard to locate the payment without the transaction ID which your bank will be able to easily provide.

[chucklebutty]

The last 3 characters are the branch code. Head office normally uses the XXX.