SWIFT/BIC codes in Turkmenistan

Finding a SWIFT code in Turkmenistan

For Turkmenistan we have 12 SWIFT/BIC codes from 12 financial institutions. You will need such a code mainly for international transfers.

Look for the bank you need in the list and click through for the full list of codes. The sections below explain the structure of the codes, the cost of transfers and how to avoid mistakes.

SWIFT transfers to Turkmenistan

To pay into Turkmenistan you usually need the BIC – Turkmenistan is not a SEPA country. Without the BIC, most banks will not send the transfer at all.

Depending on the country, the account is identified by a local account number rather than an IBAN, sometimes with an extra bank or branch code. Check with the recipient exactly which details their bank requires for incoming international payments; banks often publish instructions for this. International transfers can pass through correspondent banks and fees can be taken along the way.

Recognising a SWIFT code from Turkmenistan

A SWIFT code is 8 or 11 characters long and follows a fixed pattern. It starts with four letters for the bank, followed by a two-letter country code and a two-character location code.

In every code from Turkmenistan, letters five and six show the ISO country code of Turkmenistan – that is the quickest way to spot one. When those two letters do not match Turkmenistan, the code belongs to a bank somewhere else, so check again.

The last three characters, if present, stand for a specific branch; XXX is used for the head office. In most cases the head office code is what you need, unless the recipient gives you a branch code.

Transfer times to Turkmenistan

How quickly a payment reaches Turkmenistan depends on several factors: the currency, the number of banks in between, daily processing deadlines and differences in time zone. Payments made after the cut-off time or on a weekend or public holiday usually go out a business day later.

If the money seems delayed, ask the sender to contact the sending bank. Keep the payment confirmation until the money has arrived; a bank needs it to start a trace.

Incoming international payments in Turkmenistan

When you are waiting for money from abroad in Turkmenistan, send the payer a complete set of details. In practice that means: your name as your bank knows it, your IBAN or account number, the BIC of your bank and usually your address.

Your bank’s code appears in our list but always compare it with your own bank details. Some banks may also want your bank’s address.

The amount you receive is often lower than the amount sent. Charges on incoming payments differ from bank to bank – your bank’s price list tells you what applies. Agree with the sender who pays which costs, especially for larger amounts.

Sending money to Turkmenistan for less

A bank transfer to Turkmenistan often costs rather more than the fee suggests. You pay the transfer fee, possibly charges from intermediary banks along the way and, above all, the margin on the exchange rate when currencies differ.

The markup on the rate tends to be the largest part of the cost, even though it is not listed as a fee. Compare the bank’s rate against the mid-market rate that you find on financial sites.

For many routes, a transfer service is cheaper than a traditional bank transfer, mainly because of the rate. Before you send money to Turkmenistan, it is worth comparing the total cost on GoldexPay.

Verifying a SWIFT code from Turkmenistan

The safest source for a SWIFT code is the bank details provided by the recipient. When the code you were given does not match the code listed here, stop and ask – contact the recipient or their bank.

We gather SWIFT/BIC codes from publicly available data and check our list from time to time. Institutions merge, change names and retire codes, and no directory catches every change immediately. Treat this list as a reference. GoldexPay is an independent comparison service for money transfers, not a bank.

Fraudsters regularly use payment requests carrying new bank details that look completely genuine. Before paying, verify a change of bank details by phone, using a number you already had.

Central Bank of Turkmenistan, The and its SWIFT codes

Among the 12 institutions we list, Central Bank of Turkmenistan, The has the largest number of SWIFT/BIC codes of all banks in Turkmenistan. Its head office code is CBTUTM2AXXX.

How many codes a bank has tells you something about how it organises its payments than about how big it is. Unless a branch code is given, CBTUTM2AXXX is fine for a payment to Central Bank of Turkmenistan, The.