Foreign services
SWIFT
The SWIFT (Society for World-wide Interbank Financial Telecommunications) system is a computer-based message switching system used by most international Banks as a method of making overseas payments. The Co-operative Bank uses this method where possible.
The minimum information that is required to make a SWIFT transfer is the beneficiary account number,preferably in IBAN (International Bank Account Number) format, the name and address of the receiving Bank and the name of the beneficiary. In addition all banks have a BIC (Bank Identification Code) and if this is known for the recipient bank this should be quoted. (There is a requirement imposed by the Indian and Thai governments that any transfers to India and Thailand must include the reason for the transfer i.e. gift, house purchase etc)
SWIFT payments can be made in Sterling or local currency so giving the customer the decision on which exchange rate is used, either the UK rate or the receiving country's rate.
Important information
Changes in anti-terrorism legislation in the USA have meant that the US government has now increased rights of access to information held by banks about their customers, and to details of funds transfers.
As all SWIFT payments are processed through the USA, any details processed on these payments will be disclosed to the US Department of Treasury. This also applies to TIPANET payments that are sent to the USA.
The Data Protection Authority in Belgium has ruled that this is a breach of the Data Protection Directive. This means that the sender of the money must be made aware and be given the option not to proceed with the transfer if they do not agree to this sharing of information.
If you request a SWIFT to anywhere in the world, or a TIPANET payment to the USA, you will be need to confirm that you accept the following:
In order to make this payment, personal information relating to the individuals involved in the transfer may be processed for the purposes of:
a) Complying with applicable laws, including without limitation anti-money laundering and anti-terrorism laws and regulations,
b) Fighting crime and terrorism,
c) Disclosure to any Government entity, regulatory authority or to any person we reasonably think necessary for these purposes. This may mean that personal information will be transferred outside the EEA to countries, which do not provide the same level of data protection as the UK.
How to make a payment
For all payments coming into the Co-operative Bank customers should quote their name, sort code, account number and the Bank's SWIFT code CP BK GB 22. Customers should quote the Bank's head office address as the address of their Bankers, which is The Co-operative Bank PLC, 1 Balloon Street, Manchester, M60 4EP.
Customers can arrange a SWIFT by calling our Customer Service Centre or sending a signed fax to the Bank's foreign department on 0161 872 0850 (If the amount that is being transferred is over £5000 a fax must be received.)
