Eastern National Bank Swift Code is the way that helps you with the national and international transactions of money and not only has that it also helped you with the proper setup of the financial transactions that too in the simplified format.
Eastern National Bank Swift Code
While you will go through the below-given information you will find the correct Eastern National Bank Swift Code especially when you have the account with Eastern National Bank and you are opting for the future transaction using this code. The code is mere of 8 to 11 character and it is also known by BIC code and IFSC code in India. So go through the article below to know more about the Eastern National Bank Swift Code.
About: Eastern National Bank
Eastern Bank is the oldest and largest mutual bank in the United States and the largest community bank in Massachusetts. With 95 branches, East of Massachusetts had a 3.2% market share in 2016. It was founded in Salem in 1818 and was then transferred to Lin of Massachusetts.
The company started an aggressive expansion campaign by the end of the decade of 1990 and transferred its headquarters to Boston’s financial district.
The bank is having its Headquarter located in Boston, Massachusetts of U.S and it has been taken care of by Key people Robert F. Rivers (Chairman and CEO).
If you want to about the bank in detail then you can simply opt for its official site that is www.EsternBank.com
What is SWIFT Code or BIC Code and What’s Its Use?
You have probably come across the need to find a SWIFT CODE (or BIC code) because you were asked through web banking to send money to a different bank than you. This is because almost all the banks in the world are members of Swift Network, which are responsible for money transfers and messages between financial (and even non-financial) institutions, and this system requires the use of these codes.
“A swift code is a unique identifier for every institute’s branch in the world”. This code is very important for transferring money from one institution to another, and our site is a special search engine for these codes and the institute takes them.
These codes are known as SWIFT codes because of the organization that first introduced them (SWIFT – Society for Worldwide Interbank Financial Telecommunications), but later they were standardized as BIC (Business Identifier Codes).
A swift code can be made with 8 or 11 characters. Generally, most of the time, you only need an eight-letter swift code, which has 3 parts: the identifier of the entity (4 characters), country identifier (2 characters), and identifier location (2 characters). However, in some cases, if your bank pays via a specific branch, then you will need eleven digit code which includes the branch identifier.
What are The Digits of Swift Code Represents?
A complete Swift code has a several of meaning and locations encoded with it. Swift codes are broken into different sections in the same way the telephone numbers are broken. Each section denominates several institutions that are assigned the code. Normally you will find a swift code consisting of 8 or 11 characters and each code are broken into sections. Let’s find out what are the imaginary 11-character Swift code.
These codes can be broken out like this:
The first section i.e. (first 4 characters of swift code like AAAA): This section represents the institutions present globally (all the branches and divisions). Ex: CHASE represents “JPMORGAN CHASE BANK”
Second Section: (5th and 6th Characters like BB): This two-letter code denotes the country of that particular branch and this is represented under ISO 3166-1 alpha-2 standards about country code. Ex, US for the United States and GB for the United Kingdom whereas CA for CANADA, etc.
Third Section: (7th and 8th characters CC) represent a Location code (FF is the code for Frankfurt, KK is the code for Copenhagen). The second character of the section (8th in case of BIC) represents the below-given section:
- If this is equal to “0”, then it is usually a BIC assigned for testing purposes (as opposed to the BIC used on live networks).
- If it is equal to “1”, then it shows an inactive partner in the SWIFT network.
- If it is equal to “2”, then it usually refers to the “reverse billing” BIC, which means that the recipient of the message must pay for the message
Fourth Section: (9th to 11th characters like DDD) these last 3 characters of any swift code represents “branch code” which is used to refer about a particular branch or institutions. If you omit this, you will remain with 8-character swift code which is assumed to refer to the ‘Head Office’ of institutions. A typical naming convention is referring about the main offices of an institution and the branch code is XXX.
The Only Downside of International Transfer via Your Bank
Though International transaction via your bank if instant and secure; talking about the downside of the international bank transfer, it doesn’t mean to compromise the security in the exchange but only a little lag about the International transfer is that it takes a little heavy charge when you choose wire transfer with your bank to send or receive and cannot be said as a cost-effective solution. Sometimes you are also charged some hidden fees as well.
Eastern National Bank Swift Code:
Institution: EASTERN NATIONAL BANK
Branch code: XXX
Address: 799 BRICKELL PLAZA
City: MIAMI, FL
Postal code / Location: MIAMI, FL 33131
Country: UNITED STATES OF AMERICA (USA)
SWIFT code: ENBKUS3MXXX
SWIFT code (8 characters): ENBKUS3M
BIC Code analysis (8-letter swift code): ENBKUS3M
Branch code: XXX
Institution’s 4-letter code: ENBK
Country code: US
Location code: 3M
After reading the complete article above which gives you the complete information related to Eastern National Bank Swift Code you might be clear with the idea about what is Swift code and BIC code, what is the use of it, what the digits of Swift code means are and finally why Swift code is used? The information above also have given you “Eastern National Bank Swift Code” and this further helps you in your financial transactions.
Hopefully, the effort to give you the complete knowledge about SWIFT CODE might have brought the fruit and you are clear by now with the issues that are directly related to Swift code of CITI Bank.
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