The Eland Group China SWIFT/BIC code

ELGTCNS1 – the SWIFT/BIC code of The Eland Group China

ELGTCNS1 and ELGTCNS1XXX are the short and the long form of the same SWIFT/BIC code, and both lead to The Eland Group China in Shanghai. A SWIFT code tells the banks handling a payment exactly which bank should receive the money, much like a postcode for banks. In practice you usually come across the code on invoices from abroad, in payment forms and on the account details that The Eland Group China provides.

Below you will find the practical questions: money coming in from abroad, sending money abroad and how to check a SWIFT code before you hit send. The SWIFT code on its own does not identify a personal account; that is what the IBAN or account number .

Where our SWIFT data comes from

The details here are taken from publicly available data that we update regularly. It can happen that information here is no longer current. The figures we show reflect what is in our directory and not on information from The Eland Group China itself.

For any payment that matters, confirm the code with The Eland Group China or the recipient. GoldexPay has no connection to The Eland Group China, we only compare transfer services. Should you notice something that is out of date, we welcome a short note.

When will the money arrive at The Eland Group China?

How fast a payment reaches The Eland Group China is determined by a few things: which currency you send, how many intermediary banks are involved, daily processing deadlines and differences in time zone. Bank holidays in either country can add extra days, since banks do not process on those days. Extra checks on larger or unusual payments can also cause some delay, regardless of the details.

Many banks use SWIFT gpi, which lets them follow a payment from bank to bank. Every gpi transfer gets a unique reference, the UETR. Money transfer services usually show a status online so you can see where the money has got.

A missing payment has to be traced by the sending bank on the basis of the transfer details. Request from the sender a copy of the payment confirmation with the date and reference – it helps your own bank look for the money.

ELGTCNS1 or ELGTCNS1XXX – which one to use?

A BIC is made up of a few fixed parts: characters one to four stand for the bank, characters five and six show the country and the two after that indicate the location. Together, those parts form ELGTCNS1, the code most people search for.

Many banks and apps accept both lengths. If a form requires eleven characters, use ELGTCNS1XXX.

As a rule the code is typed in capitals and without spaces. Pasting the code is safer than typing it by hand: a typo can point to another bank.

Changed bank details? Be careful

Be wary when someone unexpectedly wants you to pay into a different account abroad. A valid SWIFT code says nothing about who owns the account: scammers use real codes of real banks.

Check new payment details through a separate channel, such as a phone number you already know, never via the email that asked for the change. Urgency and requests to keep it quiet tend to be warning signs. If a payment was sent to the wrong account, call your bank right away.

Recipients are targeted too: a classic trick is an overpayment followed by a request to refund the difference. Do not act before the money is actually in your account.

Verifying the SWIFT code of The Eland Group China

The safest source for the BIC is the recipient’s own bank details: an invoice, a bank statement or their online banking. If the code you have differs from ELGTCNS1 or ELGTCNS1XXX, stop and ask.

With a wrong code, the payment might be delayed, be returned or end up costing more. Remember the IBAN: a mistake there is harder to undo than a wrong BIC.

An automatic check in your banking app merely tells you that the IBAN exists – not that it belongs to the person you mean to pay. If your bank offers it, a name check on the recipient adds an extra layer of safety. A small test payment is a sensible step for a large first payment despite the extra fee.

The Eland Group China: head office code versus branch codes

Our directory lists 19 SWIFT/BIC codes for The Eland Group China. Besides the head office code ELGTCNS1XXX, there are codes for regional offices and specialised units.

In most cases you do not need to look up a branch: payments addressed to ELGTCNS1XXX are routed within The Eland Group China without problems. Branch codes are only needed if the account holder explicitly mentions it, which is more common for business accounts and specialised services.

Not sure which code to use? Ask the recipient, or look at a recent statement from The Eland Group China. Branch codes are more likely to be retired than ELGTCNS1XXX when a bank merges or closes offices.

International transfers from The Eland Group China: the real cost

An international bank payment can cost rather more than the fee suggests. Besides the transfer fee, banks in between can deduct a fee, and when currencies are converted the bank often uses a rate that is less favourable than the actual market rate.

Most of the cost usually sits in the exchange rate: the bank converts at a rate with a margin built in. Compare their rate against the mid-market rate.

Money transfer services frequently use rates closer to the mid-market rate and lower fees. GoldexPay compares these services side by side so you can see what actually arrives before you commit. You can always keep your account at The Eland Group China, while a cheaper service handles the conversion.

Sending CNY to The Eland Group China

China uses the Chinese Yuan, code CNY. Money sent in a different currency will be converted into CNY, and whoever converts it chooses the rate. There is rarely a separate line for that conversion – the cost sits in the rate.

Who converts the money makes a difference. Check how much CNY the recipient gets with several services before choosing one.

The rate for CNY fluctuates constantly, so the amount you see is usually only valid for a short time. If you pay regularly, a slightly better rate make a real difference over a year.

Incoming international payments to The Eland Group China

To receive a transfer from abroad at The Eland Group China, the sender needs not just the SWIFT code. That means: your full name as registered with The Eland Group China, your IBAN or account number, the SWIFT/BIC code ELGTCNS1XXX and, often, your postal address.

Their bank might also ask for the address of your bank. Double-check every detail before you share them, because the sender’s bank usually copies them as is.

The amount you receive is often lower than the amount sent. Charges on incoming payments differ from bank to bank. For business payments, you can agree how the fees are split, so that nobody is left short.