The content of the article
- What is a bank SWIFT code
- Why do i need
- Who is assigned
- How the SWIFT system works
- Types of transfers
- Clearance requirements
- Sberbank details for international transfer
- How to find out the swift code of Sberbank of Russia
- Where to find branch codes
- Is swift transfer possible through Sberbank online
- Pros and cons of SWIFT transfers in Sberbank
For a transfer to successfully enter an international account in Russia, the sender abroad needs to know the Sberbank SWIFT code. Citizens do not always understand what kind of code it is, why it is needed, they are confused in the parameters. You can always determine SWIFT of Sberbank by contacting its employees by phone or in a branch. To avoid confusion, it’s worthwhile to figure out on your own how the system works and the code is generated.
What is a bank SWIFT code
SWIFT (SWIFT) – a system for making payments, transferring banking information in an international format. Today it consists of more than 10 thousand banks and corporations around the world. To uniquely identify the participants in the system, a unique encoding was created. A SWIFT code is assigned to banks and other financial institutions around the world when they join the Worldwide Interbank Financial Telecommunications Community (SWIFT).
SWIFT CODE Bank is a cipher according to the formula BBBB CC LL DDD, where numbers / letters mean:
- BBBB is a 4-digit letter code assigned to a separate financial institution or bank. Sberbank corresponds to the SABR code;
- SS is a 2-character alphabetic country code. It is indicated in Latin according to ISO 3166. Russia is designated as RU;
- LL is a 2-character alphanumeric code indicating where the institution is located in the country. Sberbank is designated as MM;
- DDD – branch code. For example, Sberbank has 25 representative offices, each of them has its own specific code.
Why do i need
A SWIFT code of Sberbank of Russia will be needed to receive a money transfer from abroad. Sberbank SWIFT-BIC informs the sender of the payment together with personal data. This is an alphanumeric set that clearly indicates where the payment will go: to which country, region and bank. SWIFT is practically a monopolist in the segment of bank international transfers; you just can’t do without code knowledge.
Who is assigned
The SWIFT / BIC identifier is assigned by the Worldwide Interbank Financial Telecommunications Community. To obtain the administration number of a financial institution, it is necessary to submit entry documents and obtain approval from the SWIFT Board of Directors. The coding is assigned according to the international standardization system (ISO 9362 (ISO 9362 – BIC)), the country is marked according to ISO 3166.
How the SWIFT system works
The bottom line is that the participants in the system exchange messages between themselves and their customers (sender / receiver). In order to complete the operation, the sender’s bank needs to create and send a message to the operations center, where it will be processed, encrypted, and customers will receive a positive or negative response. During the translation process, a message can go through several banks (up to three). In time, it lasts no more than 5 working days..
Types of transfers
Every day, millions of payments pass through the system; the total amount of money is billions. Through SWIFT conduct financial payments between countries / within the country, operations with securities, traveller’s checks and other financial documents. With the help of SWIFT, for example, you can pay for study at a foreign university or buy shares. In Russia, payments are made in the following currencies:
- U.S. dollars;
- Swiss francs
Since 2014, SWIFT payments in Russia have been carried out abroad and for domestic transactions. The use of SWIFT in the Russian Federation requires compliance with the requirements:
- the sending bank must know the SWIFT of Sberbank, the number of its correspondent account, the account number of the recipient and its name (name) in English;
- the amount of payment is limited by the legislation of the Russian Federation, you can send money only to cards and bank accounts with the obligatory indication of the beneficiary’s branch;
- it is necessary to pay a commission, which is indicated by banks before making a payment.
Sberbank details for international transfer
To receive money from abroad, the client must send the sender the territorial SWIFT code of Sberbank and a set of data about himself. If any information is unknown or requires clarification, do not risk it and write at random. It is better to go to the website of Sberbank or call the hotline. The relevant details for the international transfer are as follows:
- Swift code – SABRRUMMXX (where SABRRUMM is the swift of the head office of Sberbank, XX is the branch number);
- organization name – SBERBANK;
- Name of the recipient;
- account number (sometimes foreign banks require IBAN (IBAN) – an account number according to the international standard, but since it is not used in the Russian Federation, just a 20-digit recipient account is provided for transfer to Russia);
- the name of the representative office, for example, the Northern branch (for Moscow) will have the name Severny Head Office.
How to find out the swift code of Sberbank of Russia
Even for an advanced client, finding a Sberbank code can be problematic. The easiest way to find out the Sberbank SWIFT code and other details for international payment is to call the contact center or ask the operator of your branch. You can study the information yourself:
- on the official website sberbank.ru, details section;
- on the website of ROSSWIFT;
- on the website of the Bank of Russia, in the online directory of banking codes of organizations and international banking codes.
Where to find branch codes
The branch SWIFT code is called SABRRUMM, it can always be downloaded as a document on the official website. The table will show the SWIFT-CODE of Sberbank of Russia, the full name of the representative office in English, which will be needed to make the payment, its address, as well as the area it works for. The bank provides this information on the hotline. If there is no way to find out, you can not specify the code of the territorial unit. Then the payment will go through the main office and will take longer.
Is swift transfer possible through Sberbank online
It is believed that only banks can use the capabilities of SWIFT. Indeed, the SWIFT system is used for interbank transfers, but it is also available for ordinary people. With it, you can send money to the account of any Russian or foreign bank (financial company) that is a member of the organization or receive a transfer from other countries of the world.
Transfers can be made in favor of residents, non-residents of the Russian Federation, legal entities of all forms of ownership. To use the service, you need to know the swift of Sberbank of Russia, be an adult (over 18 years old) and have a certificate from the tax police about opening an account abroad (if the money will be credited to the name of a citizen of the Russian Federation outside the country).
Pros and cons of SWIFT transfers in Sberbank
The main advantage of the SWIFT system is its high security. Encryption is very reliable, there are additional security measures. According to it, you can make transfers abroad and to Russia in the amount of up to 5 thousand dollars. Any amount can be sent to relatives, but proof of kinship (a certified certificate, certificate of marriage, birth, etc.) is needed. Through SWIFT, you can send money in any currency. Cash withdrawal without commission.
A significant minus of SWIFT transfers is a large commission. It is charged not only by the system, but also by the banks through which the payment passes. All transactions over 5 thousand dollars require confirmation of the purpose of payment (tuition bill, hotel reservation, etc.). Transfers take a long time, from 3 to 5 days (workers). Be sure to inform the sender of the information about yourself, the account and the SWIFT code of Sberbank in order to make a payment.