Shanghai Commercial and Savings Bank, LTD., The SWIFT/BIC code

What SCSBTWTP means for a payment to Shanghai Commercial and Savings Bank, LTD., The

The 8-character code SCSBTWTP and the full code SCSBTWTPXXX refer to one and the same institution: Shanghai Commercial and Savings Bank, LTD., The. A SWIFT code tells every bank in the chain exactly which bank is meant to get the money. You will need it mainly when dealing with payments that cross a border and payments in foreign currencies.

This page is meant to help people who sends money to an account at Shanghai Commercial and Savings Bank, LTD., The. The BIC names an institution, not a single account; the IBAN or account number does that.

What the XXX in SCSBTWTPXXX means

A BIC is made up of fixed blocks: characters one to four stand for the bank, the next two give the country and characters seven and eight mark the location. The result is SCSBTWTP for Shanghai Commercial and Savings Bank, LTD., The.

The 11-character version has a three-character extension for a branch or department. When those three characters are XXX, the code points to the head office, which is why SCSBTWTPXXX and SCSBTWTP lead to the same place.

In practice the code is written in capitals, without spaces or dashes. Watch for the letter O and the digit 0 or I versus 1.

Shanghai Commercial and Savings Bank, LTD., The: head office code versus branch codes

We have 70 SWIFT/BIC codes for Shanghai Commercial and Savings Bank, LTD., The. Besides the head office code SCSBTWTPXXX, there are codes for branches, departments or specific services.

If nobody asks you for a branch code, go with SCSBTWTPXXX or its short form SCSBTWTP. A branch code only makes sense when the account holder explicitly mentions it.

The best way is to take the code directly from the account holder’s statement. Branch codes are more likely to change than SCSBTWTPXXX when a bank merges or closes offices.

What a transfer from Shanghai Commercial and Savings Bank, LTD., The abroad really costs

An international bank payment costs more than the listed fee. On top of a fixed fee, correspondent or intermediary banks may take a cut, and if currencies are converted the bank often applies a rate below the real market rate.

Many banks rarely show the margin on the rate as a cost, but you pay it all the same. An easy check: put the bank’s rate against the mid-market rate and work out the difference on your amount.

For a lot of routes, a specialist provider turns out to be less expensive than a bank. Next time you send money, take a minute to compare what arrives on GoldexPay instead of going straight to your bank. You can still keep your account at Shanghai Commercial and Savings Bank, LTD., The, while a cheaper service handles the conversion.

How to check SCSBTWTP before you pay

The best place to find the right code is paperwork issued by the bank. Compare it against SCSBTWTP on this page and ask if anything does not match.

Mistakes in the SWIFT code tend to be annoying rather than disastrous: often the payment comes back, minus fees. A mistake in the IBAN or account number is more serious because it can reach the wrong person; check it just as carefully.

Most online banking apps validate the format of IBANs and some suggest the matching BIC, but that does not prove the account belongs to the right person. Where available, a payee name check on the recipient adds an extra layer of safety. When you pay someone new, many people send a small test amount.

What to give a sender who pays you at Shanghai Commercial and Savings Bank, LTD., The

A sender in another country needs several details about your account, and missing ones are a common cause of delays. The basics are: the account holder’s name, IBAN or account number, SCSBTWTPXXX or SCSBTWTP and often your home address.

Their bank might also ask for the address of your bank; the head office in Taipei is usually fine. A mistake in your account number is more trouble than you might think; copy them from your banking app rather than typing.

Do not be surprised if the amount credited is below the amount on the sender’s receipt. Charges on incoming payments vary from bank to bank. Agree with the sender who pays which costs.

Tracking a transfer to or from Shanghai Commercial and Savings Bank, LTD., The

There is no fixed answer for every transfer: some arrive the same day or the next. Payments made after the cut-off time or just before a weekend or public holiday usually go out a business day later. Occasionally a bank asks what the payment is for before releasing it.

When a payment takes longer than expected, ask your bank for the tracking status or the UETR; with that reference banks can see where the payment is. Specialist transfer services usually show a status online showing where the money is.

If a payment has not arrived after a few business days, the sender should start with their own bank, not the receiving bank. Request from the sender the payment receipt with the date and reference – it helps your own bank look for the money.

Where our SWIFT data comes from

The directory on GoldexPay draws on public sources and we update it periodically. It can happen that a code here is no longer current after a merger or reorganisation. The figures we show are based on our own data, not official figures from Shanghai Commercial and Savings Bank, LTD., The.

See our directory on this page as a handy check. GoldexPay is independent of Shanghai Commercial and Savings Bank, LTD., The. If you notice something that is out of date, we welcome a short note.

Scams that use SWIFT codes

Stay wary when someone suddenly wants you to send money to another account abroad. A valid SWIFT code tells you nothing about who owns the account.

Never rely on contact details in the same message that contains the new account. Watch out for time pressure, odd spelling or an email address that differs by one letter. Already paid? Contact the bank you paid from straight away and ask them to start a recall and report the fraud.

Recipients can be targeted as well: one known trick is an overpayment followed by a request to send back the difference to another account. Do not act before the money is actually in your account.