swift code and clearing code

[Playtime]

hi.

 

not sure if i correct.

am sending to a account in taiwan. far eastern international Bank

if transferring fund, if receipient bank SWIFT code is provided, is it still necessary to give clearing code?

[Ake109]

I thought clearing codes not needed unless the bank is those pantat type which does not have a SWIFT/IBAN.

[Jellandross]

Normally, all you need are SWIFT code, recipient name/address. If you're using a banking app, don't even need to know SWIFT code. Just create a new overseas transfer payee and it'll guide you to select the correct bank.

I do a fair amount of overseas transfer and find DBS app to be the best as they offer free admin fee and decent fx rate to many Asian countries.

[Tedlhw]

If got swift then no need clearing. BUT, back office can be a PITA. 

[kermitfm]

SWIFT code will identify the bank receiving the funds. The receiving bank will need to know the recipient’s account details especially the account number. The term ‘clearing code’ is a generic term and the SWIFT code is also used for clearing in some systems.   

Edited January 3, 2021 by kermitfm

[serenade]

SWIFT code + account number + account name code is usually enough to reach the intended account. 

However Clearing Code is when the final receiving bank (destination) specifically asks the sender to state in SWIFT message. This is because in some countries, not all banks have the ability to receive SWIFT in all the currencies. Some minor currencies are cleared through a big local correspondent bank, who in turn need the clearing code to route the SWIFT message via local system to the destination bank.