SWIFT Code MUGAAZ22 — MUGANBANK OJSC, BAKU

About SWIFT Code MUGAAZ22 — MUGANBANK OJSC, BAKU

SWIFT code MUGAAZ22 is the official 8-character head-office BIC (Bank Identifier Code) for MUGANBANK OJSC in BAKU, Azerbaijan. Standardised under ISO 9362 and maintained by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), this code is used exclusively for cross-border wire transfers and is recognised by financial institutions in over 200 countries.

This code must be provided to the sender when receiving money from abroad, and is required by MUGANBANK OJSC for all outward international remittances from BAKU. Without the correct SWIFT code, international transfers to or from this branch cannot be processed.

How to Read SWIFT Code MUGAAZ22

The code MUGAAZ22 follows the ISO 9362 standard and breaks down as follows:

When to Use SWIFT Code MUGAAZ22

Receiving International Wire Transfers

To receive money from abroad at your MUGANBANK OJSC account in BAKU, share SWIFT code MUGAAZ22 with the sender along with your full account number, your name as on the account, and the branch address.

NRI Remittances

Non-Resident Indians sending money to NRO/NRE accounts at MUGANBANK OJSC, BAKU must provide SWIFT code MUGAAZ22. Major remittance platforms — including Wise, Remitly, Western Union, and MoneyGram — use this code to route transfers accurately.

Trade Finance and Foreign Payments

Importers and exporters using MUGANBANK OJSC in BAKU rely on SWIFT code MUGAAZ22 for letters of credit, bank guarantees, and foreign currency settlements.

SWIFT Code vs IFSC vs MICR vs BSR — Key Differences

Need the IFSC code for domestic NEFT, RTGS, or UPI transfers? View the IFSC code for MUGANBANK OJSC →

For cheque clearing or NACH mandates, use the MICR code for MUGANBANK OJSC →

For TDS challan deposits, find the BSR code for MUGANBANK OJSC →

How SWIFT Code MUGAAZ22 Routes an International Transfer

1. Initiation: The sender provides SWIFT code MUGAAZ22 and account number to their bank.
2. Validation: The sending bank validates the BIC against the SWIFT registry.
3. Routing: An MT103 SWIFT message is transmitted through the network to MUGANBANK OJSC.
4. Correspondent bank (if needed): An intermediary bank may relay the transfer, adding 1–2 business days.
5. Credit: MUGANBANK OJSC receives the SWIFT message and credits the account. Total time: 1–5 business days.

Common Mistakes When Using SWIFT Code MUGAAZ22

• Spaces or lowercase letters — Always enter MUGAAZ22 uppercase with no spaces.
• Using the wrong city — This code is for BAKU only.
• Truncating to 8 characters — When 11 characters are required, always use the full code.
• Using SWIFT for domestic transfers — Use the IFSC code for any transfer within Azerbaijan.

Data Accuracy

BankZop sources SWIFT/BIC data from publicly available banking registries and official disclosures, updated regularly. For the highest-stakes transactions, always confirm MUGAAZ22 directly with MUGANBANK OJSC's BAKU branch or via the SWIFT BIC Directory.