Cofunds Limited SWIFT/BIC code

SWIFT/BIC code of Cofunds Limited

CODUGB21 and CODUGB21XXX are two ways of writing the same bank identifier, and both point to Cofunds Limited in London. A BIC does one job: it ensures that money from abroad reaches the right bank. You will need it mostly when dealing with payments that cross a border.

Below we go through the practical side: receiving money at Cofunds Limited, sending money abroad and how to verify the code before you confirm a payment. Remember that the BIC only identifies the bank, not the person: the IBAN or account number takes care of that.

Receiving money from abroad at Cofunds Limited

To receive a transfer from abroad into your account at Cofunds Limited, the sender needs more than the SWIFT code. Share your name as the bank knows it, your account number or IBAN, SWIFT code CODUGB21XXX and your address, which some banks require.

Their bank may request the bank address of Cofunds Limited, in which case the London head office is the usual answer. Check every detail before you send them.

An incoming payment does not always land in full. Charges on incoming payments differ from bank to bank. For business payments, you can agree how the fees are split to avoid a shortfall.

How to check CODUGB21 before you pay

The best place to find the correct BIC remains a document from the bank itself like a bank statement or the account page in online banking. Check it against CODUGB21 on this page; if they differ, ask before you pay.

An incorrect BIC may lead to delays, a payment being sent back or extra fees. Do not forget the IBAN: an error there can be harder to undo than a wrong BIC.

An automatic check in your banking app merely confirms that the code exists – not that it belongs to the person you mean to pay. Where available, a payee name check on the recipient gives an extra layer of safety. When you pay someone new, many people send a small test amount.

Watch out for payment fraud

Criminals regularly use fake invoices with changed bank details sent from what looks like a familiar address. The fact that CODUGB21 exists does not mean that a request mentioning it is genuine – fraudsters use real bank codes as well.

Always verify a change of bank details through a phone call on a number you know, not one from the message. Pressure or secrecy tend to be warning signs; a genuine business can wait for you to check. Acted too fast? Contact the bank you paid from without delay and ask them to try to recall the payment; also report it to the police.

People receiving money can be targeted as well: 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 and check with Cofunds Limited if anything seems off.

British Pound (GBP) and conversion costs

United Kingdom uses the British Pound (GBP). When you pay money in a different currency it gets converted at some point: by your bank, an intermediary or Cofunds Limited itself. There is rarely a separate charge for the conversion; it is built into the rate.

Who converts the payment matters: every bank has its own margin. In many cases you pay less to send GBP directly via a transfer service that converts near the mid-market rate rather than letting the receiving bank convert.

Exchange rates move all the time – some services let you fix a rate in advance. With bigger transfers, a small difference in the rate adds up quickly.

Why Cofunds Limited has an 8- and an 11-character code

The structure of a BIC is always the same: four characters for the institution, two for the country and a two-character location code. Together, those parts make up CODUGB21.

XXX at the end of CODUGB21XXX is not a placeholder or an error: it stands for the main office of Cofunds Limited. Certain payment forms ask for 11 characters, in which case you simply enter XXX after CODUGB21.

Type the code as one block, in capitals and without spaces. Copying the code beats retyping it, because one wrong letter changes the bank.

Head office or branch code at Cofunds Limited?

Cofunds Limited uses 7 separate SWIFT/BIC codes across 1 locations. Only one is the head office code, CODUGB21XXX; the rest belong to branches or departments.

In most cases you do not need to pick a branch: payments addressed to CODUGB21XXX reach Cofunds Limited without problems. Branch codes are only needed if the account holder explicitly mentions it.

The safest route is to take the code straight from the recipient’s statement. Codes can change over time, so do not rely on old paperwork.

Paying someone abroad from your Cofunds Limited account

A bank transfer abroad costs more than the fee suggests. On top of the transfer fee, banks in between can deduct a fee, and if currencies are converted the bank usually applies a rate that is less favourable than the actual market rate.

Many banks do not show the margin on the rate separately. Check the rate you are offered against the mid-market rate; the gap is what conversion costs you.

Specialised transfer providers often use rates closer to the mid-market rate with clearer fees. GoldexPay compares transfer providers next to each other, showing the amount the recipient gets for the same amount sent. You can always keep your account at Cofunds Limited to fund the transfer, while a cheaper service handles the conversion.

Do you need CODUGB21 for a SEPA transfer?

United Kingdom is a member of the Single Euro Payments Area (SEPA). When you send euros from another SEPA country, you normally only need the IBAN.

You still need CODUGB21XXX when sending payments in other currencies or transfers from countries outside SEPA. If a payment form asks for the BIC regardless, entering CODUGB21 is fine.

Euro payments within SEPA normally land within one business day. Fees for SEPA transfers are generally low as long as everything stays in euros.

How long does an international transfer to Cofunds Limited take?

How quickly a transfer arrives at Cofunds Limited is determined by a few things: the currency, the number of banks in between, daily processing deadlines and time zones. Bank holidays in the sending or receiving country can add a day or more to the journey. Compliance checks by one of the banks may also add some delay, regardless of the details.

If the money is delayed, ask the sending bank about the tracking status and the transaction reference; with that reference banks can see where the payment is. Money transfer services usually provide a status in their app so you can see how far the money is.

A delayed transfer is traced by the sending bank. On the receiving end, it helps to look at your statements to see a slightly lower amount.

About this information

We gather SWIFT/BIC codes from publicly available data and check them from time to time. Still, banks merge or change codes, so information can be out of date. The number of codes on this page are based on our own data and not on information from Cofunds Limited itself.

For any payment of any size, always check the BIC with the recipient’s bank or the recipient. GoldexPay is independent of Cofunds Limited, we only compare transfer services. Spotted an error? Let us know via our contact form and we will look into it.