Question

The ... is mandatory for the member and beneficiary on an international wire:

(A) ABA routing number
(B) SWIFT code
(C) IBAN
(D) Correspondent bank SWIFT code

Answer 1

The SWIFT code is mandatory for international wire transfers.

Step-by-step explanation:

The SWIFT code is mandatory for the member and beneficiary on an international wire.

Unlike ABA routing numbers, which are used for domestic wire transfers in the United States, SWIFT codes are used for international wire transfers. They act as a unique identifier for banks and financial institutions worldwide.

For example, if you are sending money from the United States to a beneficiary in Germany, you would need to provide the SWIFT code of the beneficiary's bank to ensure the transfer reaches the correct destination.