MGATILI1 SWIFT/BIC Code

The SWIFT number MGATILI1 was issued by MAGNA ASSET MANAGEMENT in TEL-AVIV.

SWIFT/BIC NumberMGATILI1
Bank NameMAGNA ASSET MANAGEMENT
Bank CityTEL-AVIV
Bank Branch

What is a BIC code?

A SWIFT code - also known as a SWIFT number is a standard format to uniquely identify all banks and financial institutions across the world. The SWIFT code is a standard format for BIC - Business Identifier Codes.

If you transmit money internationally you nearly always need to use a SWIFT code, as it’s the way banks, financial institutions and money transfer services identify where to send money on a global scale. You can think of a BIC code a bit like a ZIP/postal code. Your bank uses the code to send the money to the right bank in another country. Similar to how sending a postcard to the wrong ZIP/postal code means it could go missing, the same thing can apply for your money and the wrong SWIFT code.

What does a SWIFT look like?

A SWIFT/BIC code can be either 8 or 11 characters long:

AAAA BB CC DDD

  • AAAA: 4 character bank code.Just letters, no numbers.
  • BB: 2 character country code. ISO alpha-2 country code.
  • CC: 2 character location code.
  • DDD: 3 character branch code. Optional. Can include letters or digits. An XXX here would refer to the primary office.

More info about SWIFT/BIC codes

There are 2 types of SWIFT code: live and passive. Live codes are for institutions who are connected to the SWIFT network while passive Codes are used for manual transactions. Passive SWIFT codes will have a 1 as the second digit of the 2 character location code.

SWIFT code registrations and management are the responsibility of "Society for Worldwide Interbank Financial Telecommunication" (“SWIFT”) which is located in La Hulpe, Belgium.

SWIFT is the registered trademark of S.W.I.F.T. SCRL with a registered address at Avenue Adèle 1, B-1310 La Hulpe, Belgium.