If you’ve ever had a bank account, you’ve probably heard terms like SWIFT code, BIC, or bank identification number. But unless you’ve needed one, you probably don’t know what they are and what they’re for.
Well, a SWIFT code, BIC, or identification number, are basically the same thing: a standard format for Business Identification Codes (BICs). This multi-name code is used to identify banks and financial institutions around the world.
Keep reading: How to apply for the Chase credit card
- 1 What does the Chase bank identification number look like?
- 2 What is Chase’s BIC code?
- 3 But if you prefer, you can look up the Chase bank identification number yourself.
- 4 Do all banks have an identification code?
- 5 SWIFT codes and routing numbers, what is the difference?
- 6 Frequently asked questions about international transactions carried out on Chase
What does the Chase bank identification number look like?
The Chase Bank Identification Number is an 11-digit code made up of four components:
- The bank code: Four letters that represent an abbreviated version of the name of the financial institution.
- Country code: Composed of two letters that indicate in which country the financial institution is located.
- Location code: Two numbers or letters that identify the city of the headquarters of the financial institution.
- Branch code: Optional three digits that identify the particular branch of a financial institution versus its headquarters.
What is Chase’s BIC code?
The identification number of Chase bank, more precisely JPMORGAN CHASE BANK, NA, is CHASUSU3XXX. However, the bank uses different SWIFT/BIC codes for the different types of banking services it offers. If you’re not sure which code to use, check with your recipient or the bank directly.
But if you prefer, you can look up the Chase bank identification number yourself.
To send money internationally, you will need the identification number of the financial institution to which you are sending the funds. In this sense, You can look up the Chase SWIFT code in several ways.
- Go to the Chase website. Finding the SWIFT code is usually just a matter of logging in, going to the “Account Summary” page, choosing the account and clicking on “View Account Details”. The code should appear next to the account number and branch address.
- If you’re sending money, try the following. Go to your account, type the amount you want to transfer, enter the name of the recipient and their bank details, and then put the city or the name of their institution in the search box.
- Review an account statement. This is another extremely easy way to find your Chase bank identification number.
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Do all banks have an identification code?
Surprisingly, not all financial institutions have SWIFT codes. In fact, many credit unions and small banks in the United States do not connect to the SWIFT network, which means they do not have international routing codes.
Instead, these institutions send and receive international transactions, or wire transfers, using US banks to serve as intermediaries. Also, financial institutions that use SWIFT may not register to obtain SWIFT codes for all of their branches.
SWIFT codes and routing numbers, what is the difference?
As we mentioned at the beginning of this article, SWIFT or identification codes are exactly the same, but do not confuse a SWIFT code with a bank routing number. Although both are used to identify banks, you must use a BIC/SWIFT code to transfer money internationally and an American Bankers Association, or ABA, routing number to transfer money within the United States.
There are some key differences between SWIFT codes and routing numbers:
- uses a routing number to transfer money nationally and a SWIFT code to transfer money internationally.
- A routing number appears at the bottom left of a check, but you must use one of the methods discussed above to find a SWIFT code.
- A SWIFT code consists of eight to eleven alphanumeric identifiers; a routing number consists of nine digits.
- A SWIFT code is also called a BIC; A routing number is also called an ABA number, RTN routing transit number, or check routing number.
- SWIFT codes are used for electronic transactions such as money transfers, notifications and instructions, and the purchase and sale of securities; routing numbers are used for things like paying bills, sending digital checks, transferring funds, and making direct deposits.
Keep reading: 8 things you should know before applying for a Chase credit card
Frequently asked questions about international transactions carried out on Chase
When do you process transfers?
Chase Bank will begin processing your transfer the same business day as long as it is received by the cut-off time. In this order of ideas, if they receive your request after that time, they will process it the next business day.
Every transaction goes through an internal review process, and in some cases the bank may need to contact you to verify the request. After they’ve processed and sent the transfer, the receiving bank may have their own review process, which could delay delivery even further.
When will the beneficiary receive the payment?
For international transfers sent from a personal account, you will receive a statement that includes the date the funds will be available to the recipient.
All other international transfers are typically available to the recipient within 3-5 business days of being sent. Before sending funds internationally, you must verify the currency of the beneficiary’s account. As for domestic transfers, these are usually available to the recipient within one business day after processing.
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Can I send future dated and/or recurring electronic transfers?
Yes, for business accounts, you can schedule domestic and international wire transfers for a future date and/or on a recurring basis (ie weekly, bi-weekly, monthly, quarterly, yearly, etc.) up to 365 days in advance.
For personal accounts, you can schedule domestic wire transfers for a future date and/or recurring basis up to 365 days in advance. However, for personal accounts it is not possible to schedule a future dated or recurring international transfer.