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FREE Bank Code Facts Questions and Answers
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What do BIC/SWIFT codes look like?
They are always 11 characters long.
All BIC and SWIFT codes follow the same format.
There is no set format for them.
They are always 8 characters long.
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What does BIC stand for?
Bank Interchangeable Code
Base Interest Charge
Bank Identification Code
Bolt Identification Code
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What is the main advantage of a SWIFT code for banks and financial institutes?
It is less expensive for banks to use.
They can track international payments and get information about registered users without depending on other banks.
It makes international payments more secure.
It makes international payments faster.
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What does the 3Skey system of SWIFT code provide?
A set of APIs, authentication and security structure to seamlessly conduct such payments.
A unique identity to their users.
A toolkit to conduct such payments.
Banks just need to connect their applications, web version and further systems with SWIFT authority.
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What is a bank code used for?
To identify financial institutions
To process international transactions
To track banknotes
To calculate interest rates
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No two bank codes will ever be the same.
True
False
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How long is a SWIFT code?
6 to 7 characters
2 to 5 characters
12 or more characters
8 to 11 characters
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