JP Morgan Chase bank uses a few different BIC/SWIFT codes for its various banking, investment, and financing divisions.
The most commonly used SWIFT code for Chase bank is “CHASUS33XXX”. Retail customers use it for international fund transfer transactions.
Let us discuss what a BIC/SWIFT code of the Chase bank is and where it is used.
What is a BIC/SWIFT Code?
BIC stands for Business Identification number which is also known as the Bank Identification Number.
SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. SWIFT is an international organization that arranges interbank financial transactions around the world.
The BIC and SWIFT codes are the same codes that are used to identify a financial or non-financial institution in a particular location.
These are 8- or 11-digit codes comprising alphanumeric letters. It is usually associated with banks, money exchanges, credit unions, and other types of financial institutions to facilitate different types of financial transactions.
If an institution uses an 11-digit BIC, it also includes that institute’s branch code. Otherwise, an 8-digit BIC/SWIFT only includes the country location of that institute.
The SWIFT organization issues BIC/SWIFT codes. The International Standards Organization (ISO) has now standardized and approved these codes.
What is the Full BIC/SWIFT Code of Chase Bank 2022?
The JP Morgan Chase bank more commonly known as the Chase bank uses different BIC/SWIFT codes for different types of transactions.
For retail users, the commonly used SWIFT code for Chase bank is “CHASUS33XXX”. This SWIFT code can be used for international money transfers and other transactions by retail and business users.
Some other SWIFT codes used by JP Morgan Chase bank include:
- MGTCUS3GIPB – Private Banking Investments
- CHASUS33BUL – New York Bullion Branch
- CHASUS33DEV – TSU Branch
- CHASUS33FFS – Federal Funds New York
- CHASUS33LMP – Cash Management
- CHASUS33MCY – Multicurrency
- CHASUSU3MX0 – Message Express
There are some other SWIFT codes in use by the JP Morgan Chase bank as well. These are more commonly used SWIFT codes only.
So, it’s best to confirm which type of transaction you are making to or from Chase bank. Then, you should also confirm the right SWIFT code to use in the transaction to avoid any inconvenience.
Format of the BIC/SWFIT Code
A BIC or SWIFT code consists of 8 or 11 digits. It is a combination of alphabets and numeric and it can be divided into four sections.
Here is the general format of a SWIFT/BIC: AAAABBCCXXX.
Section 1: AAAA
The first four letters of a BIC represent the bank code. It is the bank identifier and is a universal code. For instance, JP Morgan uses “CHAS” as its banking identifier in most SWIFT codes it uses.
If a bank or financial institution has a separate financial or non-financial division, it may use a different institution identifier as well.
As you can see above, Chase bank also uses “MGTC” for its private investment banking section.
Section 2: BB
The second section includes two letters representing the country code. It is the country code where the bank or institute is primarily located.
For example, banks in the United States use “US” and “CA” in Canada. This code follows the ISO 3166-1 standard.
Note: A bank having branches in different countries will use the country code of that respective country.
Section 3: CC
The seventh and eighth digits in a SWIFT code are location identifiers. These are usually two numerical digits and represent the location code where the bank or financial institution is located.
In our example, it is “33” for Chase bank. Other BIC and SWIFT codes may include a numerical or alphabetical location code.
Section 4: XXX
The last three digits of a SWIFT code are the branch code of a bank or financial institute. This is an optional section and not all institutes use it.
If the bank does not use it, the final three digits of the code will be marked “XXX”. As we see in our example, Chase Bank does not use a branch code for its regular SWIFT code.
When Do You Need a BIC/SWIFT Code from Chase Bank?
When customers want to send or receive money, they need the full details of the recipient and their respective banking partners.
You’ll need the SWIFT/BIC of the bank or your beneficiary if you want an international fund transfer. It helps your bank to identify the receiving bank correctly.
A SWIFT code is also useful for international transfers through intermediary banks. Some financial exchanges may use different banking partners in local and international destinations.
Also, if you want to receive money from an international destination, you’ll need to provide the BIC/SWIFT code of your bank to the sender along with other details.
SWIFT codes are not required for local transfers though. However, providing a BIC for local transactions also ensures a smooth process.
It is important to mention here that you’ll also need to provide IBAN, account title, and other details when using international transfers along with the BIC.
How do Find the BIC/SWIFT code of any Bank?
There are a few ways to find your bank’s BIC/SWIFT code.
Official Bank Website
The easiest way to locate and confirm the SWIFT code of your bank is to check it on the official website. Most banks list it on the first page.
You can also do a quick navigation search on the bank’s official page.
The second method is to locate the BIC of your bank in your account statement. Most bank statements include the BIC in the header or footer of the statement.
You can verify it with a credit card or bank account statement.
If you can’t find it with the above methods, you can easily contact your bank’s helpline. An instant chat service on the website will usually suffice.
Otherwise, you can call the customer service helpline to get the BIC of Chase or any other bank.
Finally, different online directories keep a record of the BIC/SWIFT codes of leading banks from around the world.
There are good chances you’ll find your bank’s BIC (like Chase bank) on these online directories. However, make sure to verify the BIC before using it for international transactions.
BIC v SWIFT v IBAN – What’s the Difference?
The BIC and SWIFT codes are the same and they both are bank (institute) identifiers. They serve the same purpose for international transactions.
The International Banking Account Number (IBAN) is the standardized format of your bank account number. It is also used for international fund transfers.
IBAN also serves similar purposes of identifying the receiver’s bank, account number, and branch code. However, it is relevant to the account holder and the BIC/SWIFT is directly related to the bank.