What is a Fedwire code, Swift code, and Clearing/Branch code? Are they mandatory?

On your Account Settings, you have determined that Peecho can wire your Profit to your bank account. You now need to fill in all the necessary information related to your account otherwise we might not be able to make the transfer correctly.

Depending on the banking system of your country, some fields might not be relevant. Once you select the country from the dropdown menu, these fields will disappear automatically.

If some codes remain but you do not know whether they are mandatory for money transfers to your account, then we advise to contact your bank for more information. If they advise that they are not relevant, then you can fill in "-" or "not relevant" to bypass the system.

Do not forget to click Submit after you make changes!

Below is an explanation of some codes: 

A Fedwire (or ABA) code is a bank code used in the United States, which identifies financial institutions.

A SWIFT code - sometimes also called a SWIFT number - is a standard format for Business Identifier Codes (BIC). It is used to identify banks and financial institutions globally. It says who and where they are - a sort of international bank code or ID.

A Clearing code/Branch code (CHC) is needed for making a payment to an account that doesn’t have an IBAN. They are also known as Routing Codes. If you have a SWIFT/BIC or IBAN code then you don’t need an NCC. These days they are mostly used for payments outside the EU.