Correspondent Banks

SWIFT code

Some people who have bank account in in europe will ask you to send bank transfer using correspondent banks. The main reason could be either their bank has no SWIFT code assigned to them or to facilitate the fast movement of payment transactions. Almost all major banks in europe have their own SWIFT code of their institution. But few small banks dont have their own SWIFT code, so instead they will ask you to send bank transfer to an instition (major bank) where in turn they will act as correspondent bank to receive money.