Technology

Accurate method to look up MB Bank code for international money transfers

Looking up the MB Bank bank code is necessary if you want to make international money transfers. Every bank has a SWIFT Code, and MB Bank is no exception. So, do you know what the bank code of MB Bank is? If not, follow the instructions below to look it up.

Administrator

20 February, 2024

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You want to look up the MB Bank bank code to carry out transfer/receive money transactions from other countries to Vietnam but don’t know how to do it? Don’t worry, FPT Shop will guide you step by step.

What is SWIFT Code?

Before finding out how to look up the MB Bank bank code, you need to understand what kind of code it is. The bank code is known as the SWIFT Code or the BIC (Business Identifier Codes) in English.

The term SWIFT Code consists of 2 words, in which “SWIFT” is short for Society for Worldwide Interbank Financial Telecommunication. This is a Global Financial Telecommunication Association, established to connect banks with each other through fast, secure, and cost-saving money transfer transactions within and outside the country. “Code” is a character string consisting of letters and/or numbers to create unique codes.

The SWIFT Codes of banks will have a length of 8 to 11 characters. In which:

The first 4 characters: Identify the bank name (the abbreviated name of the bank in English).
The next 2 characters: Identify the country name.
The next 2 characters: Identify the locality.
The last 3 characters (if any): Identify the branch.

In Vietnam, the SWIFT Code of banks usually has 8 characters, excluding the last 3 characters. Because each bank owns dozens, even hundreds of branches, there will be no additional branch identification for banks in other countries.

Learn about the MB Bank bank code

MB Bank also has a SWIFT Code to serve international money transfer transactions of customers.

What is the MB Bank bank code?

The SWIFT Code of MB Bank is MSCBVNVX. This is an international identification code used to identify Military Commercial Joint Stock Bank (MB Bank) in interbank transactions worldwide.

MB Bank is one of the leading Joint Stock Commercial Banks in Vietnam, operating with a mission to provide high-quality financial and banking services to customers both inside and outside the country. MB Bank’s headquarters is located in Hanoi, Vietnam.

The SWIFT Code MSCBVNVX is mainly used when conducting international interbank transactions such as transferring/receiving money from other banks worldwide. When sending or receiving money through MB Bank, this bank code ensures that the transaction is fast, accurate, and secure, at the same time distinguishing MB Bank from other banks.

Meaning of the MB Bank SWIFT Code

When customers carry out transactions to transfer or receive money in a country, they do not need the SWIFT Code. However, for international transactions, it is necessary to have this code to differentiate the bank, the country, and the location.

According to the general structure of the SWIFT Code above, the MB Bank bank code MSCBVNVX is explained as follows:

MSCB: Abbreviation of the phrase Military Commercial Joint Stock Bank – the English name of MB Bank.
VN: Identifying the country Vietnam because MB Bank is a bank of Vietnam.
VX: Identifying the locality, which is Hanoi because MB Bank’s headquarters is located in Hanoi.

What is the purpose of looking up the MB Bank bank code? When to use it?

In fact, not all international transactions carried out at MB Bank require the use of the SWIFT Code. This code will be necessary in some cases such as:

Transferring money from abroad to Vietnam for relatives/friends, partners.
Sending or withdrawing money through international e-wallets such as Forex.com, HotForex,… and needing Bank Transfer to receive money to MB Bank accounts.

Besides, you do not need to provide the MB Bank SWIFT Code in cases such as:

Using MB Bank’s services to transfer money abroad.
Transferring/receiving foreign currency with domestic accounts.

How to look up the MB Bank bank code

To look up the MB Bank bank code, you do the following:

Step 1: Access this address. At the line Select a country, you select the Country as VIETNAM.

Step 2: At the line Select a bank, you will select the name of MB Bank in English as Military Commercial Joint Stock Bank.

Step 3: At the line Select a city, you select HANOI.

Step 4: After that, at the line Select a SWIFT Code, the SWIFT Code of MB Bank will be displayed.

This method is also applicable to look up the bank codes of other banks if you have a need.

Function of the MB Bank bank code and benefits of using it

Function of the MB Bank SWIFT Code

The MB Bank SWIFT Code creates connection and consistency for financial transactions. Its functions include:

Used in international payment transactions from MB Bank to abroad.
If you are abroad and want to transfer money to Vietnam through the MB Bank banking system, you also need the MB Bank SWIFT Code in the money transfer request.
The recipient of your money in Vietnam when receiving money transferred from abroad also needs the SWIFT Code in order to receive the money.

Benefits of using the MB Bank bank code

Increasing the safety and security of customer information in international money transfer transactions, avoiding risks and protecting users’ assets.
Creating coherence and connection between MB Bank and other banks worldwide quickly, bringing convenience in conducting international transactions and transferring money to other countries.
Minimizing money laundering activities of smart criminal organizations, ensuring cleanliness and safety for the international financial system.
The MB Bank SWIFT Code is capable of processing multiple transactions at the same time to save time, increase efficiency, and minimize errors in the transaction process.

How to transfer/receive international money through the MB Bank SWIFT Code

To carry out money transfer transactions from abroad to Vietnam through the MB Bank SWIFT Code (MSCBVNVX), you need to provide specific information as follows:

Foreign exchange rates at MB Bank: Before carrying out the transaction, you need to confirm the foreign exchange rates at MB Bank to ensure receiving the correct amount of money and avoid any errors in the transaction process.
Provide recipient information: Including the Name of the recipient, Account number of the recipient at MB Bank, and the address of the bank’s headquarters.

Note: The name of the receiving bank (MB Bank) in English is Military Commercial Joint Stock Bank, located at No. 18, Le Van Luong Street, Trung Hoa Ward, Cau Giay District, Hanoi.

Advantages of the MB Bank bank code compared to other banks

Some advantages of the MB Bank SWIFT Code compared to other banks are as follows:

Ensuring that the transaction process takes place quickly, even with large amounts of money.
The transaction process is easy, fast, and suitable for all customer groups.
The personal information and transaction information of customers are completely secured by MB Bank.
The service cost of MB Bank is usually much lower than that of other banks. This helps customers save transaction fees.
24/7 free support for customers through MB Bank hotline.

Conclusion

Through this article, you have learned how to look up the MB Bank bank code as well as understand the structure, meaning, and function of this type of code. This is an extremely important piece of information that helps you successfully carry out international money transfer transactions through the MB Bank banking system, so please pay attention.