Bank Code Verified

SBINGB2LEHM, SWIFT Code for STATE BANK OF INDIA, EAST HAM

Swift Code: SBINGB2LEHM

Bank: STATE BANK OF INDIA

Address: HIGH STREET NORTH, 149-153

City: EAST HAM

Branch: EAST HAM BRANCH

Postcode: E6 1HZ

Country: United Kingdom

Title: Swift Codes: Connecting the Global Banking NetworkIn today’s interconnected world, the efficient and secure movement of funds across borders is of paramount importance. Swift codes play a crucial role in international banking, enabling seamless transactions between financial institutions globally.

This article aims to provide an in-depth understanding of Swift codes, their significance, and their role in facilitating international transactions. Topic 1: Anto Swift Codes

1.1 What is a Swift Code?

– Definition and expansion of Swift code (Society for Worldwide Interbank Financial Telecommunication)

– An alphanumeric identification code for banks and financial institutions

– Commonly known as Bank Identifier Codes (BICs)

1.2 Purpose of Swift Codes

– Identification of the financial institutions involved in international transactions

– Facilitation of secure and efficient fund transfers

– Elimination of errors in cross-border payments through standardized format and structure

1.3 Structure of Swift Codes

– Explanation of the 8 or 11-character structure

– Breakdown of each character’s significance (institution code, country code, location code, branch code)

Topic 2: The Role of Swift Codes in International Banking

2.1 Facilitation of Secure Transactions

– Ensuring the accuracy of beneficiary account details

– Confirmation and verification of the receiving institution’s identity

– Mitigation of risks associated with fraudulent activities

2.2 Efficient Connectivity in Global Banking Network

– Enabling direct communication between financial institutions worldwide

– Enabling real-time tracking of transactions and seamless fund transfers

– Supporting compliance with international regulatory requirements

2.3 Importance of the Given Swift Code: SBINGB2LEHM

– Analysis of the characters in the given Swift code (institution code, country code, location code, branch code)

– Identification of the bank: State Bank of India

– Location: East Ham, United Kingdom

– Connection with other financial institutions globally via the Swift network

2.4 Benefits for Banking Customers

– Expedited international fund transfers

– Reduced transaction costs compared to traditional banking methods

– Enhanced transparency and peace of mind for customers

Conclusion:

Swift codes revolutionize international banking by providing a standardized and reliable means of identifying financial institutions worldwide. With their seamless connectivity and secure transmission, Swift codes have become the backbone of global fund transfers.

Through the analysis of the given Swift code, SBINGB2LEHM, we have highlighted the significance of this code in connecting with other financial institutions across the globe. As international business transactions continue to increase, a comprehensive understanding of Swift codes becomes essential for smooth and secure financial operations in the global marketplace.

Topic 3: Unveiling STATE BANK OF INDIA

With the given Swift code, SBINGB2LEHM, let’s delve deeper into the bank it represents State Bank of India. As the largest commercial bank in India, State Bank of India (SBI) holds a significant position in the global banking network.

3.1 Overview of State Bank of India

– Brief history and establishment of SBI

– The bank’s mission and vision to provide inclusive banking services

– Extensive branch network and global presence

3.2 Services Offered by State Bank of India

– Retail Banking: Offering a wide range of products and services to individual customers, including savings accounts, loans, and investment options

– Corporate Banking: Catering to the financial needs of corporate clients, providing working capital financing, trade finance services, and corporate loans

– International Banking: Facilitating international fund transfers and foreign exchange services

– Treasury Operations: Managing foreign exchange, money market, and capital market operations

3.3 State Bank of India’s Commitment to Customer Service

– Emphasizing customer-centric approach and personalized banking solutions

– Digital initiatives to enhance convenience and accessibility for customers

– Dedicated customer service helpline for prompt assistance and query resolution

3.4 Importance of State Bank of India’s Swift Code (SBINGB2LEHM)

– Institution Code: “SBIN” represents State Bank of India

– Country Code: “GB” denotes the United Kingdom

– Location Code: “2L” signifies East Ham as the specific branch location

– Branch Code: “EHM” points to the East Ham Branch

– As an integral part of the global banking network, the Swift code, SBINGB2LEHM, allows State Bank of India to connect with other financial institutions across the world. It facilitates smooth international money transfers and ensures the reliability and security of these transactions.

Topic 4: Common Uses of Swift Codes

4.1 Facilitating International Fund Transfers

– Swift codes are commonly used to initiate and receive international wire transfers. Whether it’s sending money to friends or family abroad or making business payments, Swift codes streamline the process.

4.2 International Trade and Commerce

– Swift codes are vital for international trade, enabling seamless payment transfers between importers and exporters. They provide the necessary identification for banks to process these transactions efficiently.

4.3 Correspondent Banking

– Correspondent banking relies heavily on Swift codes for interbank communication. Banks use Swift codes to send and receive messages, confirming account details, and collaborating on transactions.

4.4 Currency Exchange Services

– Swift codes play a significant role in foreign currency exchange. By using Swift codes, banks can execute timely and accurate conversions, ensuring the funds reach the intended beneficiaries promptly.

4.5 Regulatory Compliance

– Swift codes are instrumental in meeting international regulatory requirements. They facilitate the exchange of important information, such as anti-money laundering (AML) and know your customer (KYC) data, which play a crucial role in preventing illicit activities.

Expanding on the topic of Swift codes and their significance, we have explored the State Bank of India and its commitment to providing inclusive banking services. Additionally, we have unveiled the common uses of Swift codes, ranging from international fund transfers and trade financing to correspondent banking and regulatory compliance.

As the world becomes more interconnected than ever, it is imperative to understand how Swift codes enable secure and efficient international transactions. By harnessing the power of Swift codes, individuals and businesses can navigate the global financial landscape with confidence, ensuring smooth transactions and fostering economic growth.

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