Shin Kong Life Insurance Co., LTD. SWIFT/BIC code

What SKLITWT1 means for a payment to Shin Kong Life Insurance Co., LTD.

SKLITWT1 and SKLITWT1XXX are two ways of writing the same bank identifier, and both point to Shin Kong Life Insurance Co., LTD. in Taipei. Banks worldwide use these codes to direct international transfers to the correct institution. It comes up mostly for payments that cross a border and payments in foreign currencies.

Below you will find the practical questions: money coming in from abroad, paying someone in another country and how to check a SWIFT code before you confirm a payment. A SWIFT code names an institution, not a specific account, which is why you always need the account number too.

8 or 11 characters: SKLITWT1 versus SKLITWT1XXX

Each SWIFT/BIC code starts with the same eight core characters: a four-letter bank code, a two-letter country code and a two-character location code. For Shin Kong Life Insurance Co., LTD., that core is SKLITWT1.

XXX at the end of SKLITWT1XXX does not stand for a placeholder or a mistake: it indicates the main office of Shin Kong Life Insurance Co., LTD.. Some banking apps ask for 11 characters, and then you simply enter XXX after SKLITWT1.

As a rule the code is written in capitals, without spaces or dashes. A wrong letter may route a payment to a different institution.

Which of the 2 codes of Shin Kong Life Insurance Co., LTD. do you need?

Shin Kong Life Insurance Co., LTD. has 2 separate SWIFT/BIC codes across 1 locations. One of them is the head office code; the others belong to branches, and sometimes specific services.

For the vast majority of incoming transfers, the head office code SKLITWT1XXX works fine. Branch codes are only needed if the recipient’s bank explicitly asks for it.

Not sure which code to use? Ask the recipient or the bank itself. Codes for branches are more likely to change than the head office code.

How to check SKLITWT1 before you pay

The most reliable source for a SWIFT code is the recipient’s own bank details: an invoice, a bank statement or their online banking. Compare it with SKLITWT1 on this page.

A wrong SWIFT code can cause a delay, a payment being sent back or additional charges along the way. A mistake in the account number is more serious, because the money may be credited to someone else.

An automatic check by your bank only confirms that the code is valid – not that it belongs to the person you mean to pay. If your bank offers it, a payee name check before sending gives an extra layer of safety. When you pay someone new, some people start with a small test amount.

Scams that use SWIFT codes

A common scam goes like this: an email arrives with a message saying that a supplier has new bank details. The fact that SKLITWT1 exists is no guarantee that the account is genuine; criminals use the codes of real banks too.

Always verify changed bank details by phone. Be suspicious of urgent requests, odd spelling or an email address that differs by one letter. When money has already gone to a fraudster, call your bank right away.

Recipients are targeted too: one known trick is an overpayment followed by a request to refund the difference to another account. Wait until the money has really arrived and check with Shin Kong Life Insurance Co., LTD. if anything seems off.

What to give a sender who pays you at Shin Kong Life Insurance Co., LTD.

When you are waiting for a payment from another country, give the sender a complete set of details. In practice that means: your full name as registered with Shin Kong Life Insurance Co., LTD., your IBAN or account number, the BIC SKLITWT1XXX and usually your postal address.

Certain banks want the address of Shin Kong Life Insurance Co., LTD. in Taipei; it does no harm to include it. A mistake in your account number can be more trouble than you might think.

The amount you receive can be less than what was sent. Intermediary banks may deduct a fee, Shin Kong Life Insurance Co., LTD. may charge for incoming payments, and if the currency changes, a markup on the rate comes on top. Make clear with the sender who covers the fees, especially for larger amounts.

About this information

We collect SWIFT/BIC codes from publicly available data and check our list regularly. Banks merge, change names and retire codes – a directory can be a step behind. Figures such as the number of codes come from our own dataset and may differ from what Shin Kong Life Insurance Co., LTD. publishes.

Before any payment of any size, always check the BIC with the recipient’s bank or the recipient. GoldexPay is independent of Shin Kong Life Insurance Co., LTD., we only compare transfer services. Spotted an error? Tell us via our contact form so we can correct it.

Paying someone abroad from your Shin Kong Life Insurance Co., LTD. account

If you send money to another country through Shin Kong Life Insurance Co., LTD., the fee you see is rarely all of the cost. On top of the transfer fee, banks in between can deduct a fee, and if currencies are converted, the bank usually applies a rate below the real market rate.

That exchange rate margin tends to be the biggest item. A simple test: set the bank’s rate next to the mid-market rate and work out the difference on your amount.

For a lot of routes, a transfer service turns out to be less expensive than a bank, mainly because of the exchange rate. On GoldexPay you can compare the amount that arrives with different services, so you can pick the cheapest route. Choosing a specialist does not mean closing your account at Shin Kong Life Insurance Co., LTD.: you simply pay the service from your account.

How long does an international transfer to Shin Kong Life Insurance Co., LTD. take?

There is no single answer for international payments: some land the same day or the next. Weekends and public holidays in either country add a day or more, since banks do not process on those days. Occasionally a bank asks about the purpose of a payment before releasing it.

When a payment takes longer than expected, contact your bank about the status so they can trace it along the chain. Specialist transfer services usually show tracking online showing how far the money is.

Only the sending bank is able to start an official trace; the receiving side usually has nothing to trace yet. On the receiving end, you can look at your account to see a partial amount because fees can reduce the amount.