Canara Bank SWIFT Code: List, Format, Uses & How to Find SWIFT Code of Canara Bank

In today’s digital landscape, global commerce and communication have become increasingly accessible, enabling people from all across the globe to connect effortlessly. The SWIFT code was introduced to streamline overseas connections further. It serves as a safe and secure means for individuals and financial institutions to engage in cross-border payments and communication. 

In this article, we will walk you through the Canara Bank SWIFT Code while highlighting all the associated details that you need to know. 

What Is the SWIFT Code of Canara Bank? 

The Canara Bank SWIFT Code, short for Society for Worldwide Interbank Financial Telecommunication, follows a standard format of CNRBINXXXXX. Also known as the BIC number, it serves as an international ID assigned to Canara Bank and its branch for identification purposes. This code plays a significant role during international wire transfers or SEPA payments. Additionally, it acts as a medium for Canara and other banks to exchange messages globally among themselves.

Importance of SWIFT Code for Canara Bank

Here are some reasons why the Canara Bank SWIFT Code is important:

• Canara Bank SWIFT Code network uses high-level data encryption and decryption techniques, ensuring the authenticity of transactions between a sender and a receiver. 
• In addition to maintaining a high level of security, this network also enables bank customers to send money abroad effortlessly.
• This SWIFT code network adheres to international regulations concerning the complexities of cross-border transactions. 
• The SWIFT network facilitates globalisation in multiple economies by connecting all international shareholders.
• It ensures that fund transfers are conducted efficiently and reach the intended beneficiary at a minimal cost.

Is SWIFT Code Same for All Branches of Canara Bank?

Generally, each branch of a banking institution is assigned a unique SWIFT Code. However, this varies for different banking and financial institutions. Some banks use a similar SWIFT Code for all their branches, whereas other banks allocate a distinct SWIFT code to each branch. 

Canara Bank uses different SWIFT Codes for its branches. Bank customers should verify the applicable code before initiating a money transfer from a specific branch. If you are unable to access the SWIFT code for a particular branch, you can utilise the 8-character head office SWIFT code instead. Your payment will still be directed to your account correctly.

Canara Bank SWIFT Code Structure & Format

The Canara Bank SWIFT Code follows a unique structure and format of 8-11 characters. It is formed by combining 4 smaller codes into one. Each of these codes represents the country, city and branch information. 

Given below is a brief overview of the structure and format of the Canara Bank SWIFT Code: 

• Bank Code: It comprises the first 4 letters of the SWIFT Code while serving as the shortened version of the bank’s name. It represents the banking institution within the SWIFT network. 
• Country Code: Following the bank code, there is a 2-letter code in the SWIFT Code, known as the Country Code. It denotes the country where the Canara Bank is located.
• Location Code: After the Country Code, the SWIFT Code of Canara Bank contains a location code. This two-character code may comprise either letters or numbers. It represents the location of Canara Bank’s head office. 
• Branch Code: At the end, the Canara Bank SWIFT Code includes a branch code that comes with 3 digits, specifying its particular branch. 

Example of Canara Bank SWIFT Code

Before we dive into more details, let us take an example of Canara Bank SWIFT code.

CNRBINBBCBB is the (SWIFT Code of Canara Bank’s Prime Corporate Headquarters in Bangalore) 

Here,

• The first 4 letters (CNRB) are the - Institution or Bank Code
• The following 2 letters (IN) are - Country Code
• The following next 2 letters or digits (BB) are - Location Code
• The following 3 letters or digits (CBB) are - Branch Code

If the second character is ‘0’, it is considered a test BIC as opposed to a BIC utilised on the live network.

When the second character is ‘2’, it is generally considered a reverse billing BIC. In this case, the recipient is liable to pay the cost for the message as opposed to the more usual mode whereby the sender bears the message’s cost.

On the other hand, the second character ‘1’ denotes a passive participant in the SWIFT network.

List of Canara Bank SWIFT Codes in India

Here are some of the main branches included in the Canara Bank SWIFT Code List in India:

Usage of Canara Bank SWIFT Codes

The SWIFT Code is used to verify the identity of a bank or financial institution when a bank customer initiates an overseas transaction. Once the bank's identity is verified, only then the overseas payment can be made. Additionally, it is also used by various banks to electronically send and receive information.

How to Find the SWIFT Code of Canara Bank? 

There are several ways to find your applicable Canara Bank SWIFT Code. The easiest option is to check your recent bank statement. Alternatively, you can navigate to the official banking website of Canara Bank to obtain it. If neither of these options is available, you can always use an online tool to find your Canara Bank SWIFT code.

Once you obtain the SWIFT code, it is crucial to verify it with the recipient or the bank itself by consulting a bank representative. It is in your best interest to verify the code, as using the wrong code while sending money may lead to your payment being returned or delayed.

Before initiating international money transfers, customers should ensure they have the correct Canara Bank SWIFT Code. While consulting a bank representative is the best way of obtaining it, other methods are available. Regardless of how you obtain it, the code should be correct if you want to avoid delayed payments. 

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