A SWIFT code, also known as a SWIFT number, is a unique identifier for banks and financial institutions worldwide. It is an 8 to 11-character code that identifies banks globally and is used to send money between banks to ensure that the money is directed to the right place. The term Business Identifier Code (BIC) is used interchangeably with SWIFT code and means the same thing. The SWIFT code facilitates money transfers between banks and is needed for international wires and SEPA payments.
A SWIFT/BIC code consists of 8-11 characters and follows a format that identifies the bank, country, location, and branch. The format includes:
- Bank code (4 letters): The first four letters represent the bank and usually look like an abbreviated version of the bank name.
- Country code (2 letters): These two letters indicate the country where the bank is located.
- Location code (2 letters or numbers): These two characters designate the location of the banks main office.
- Branch code (3 digits): This code is optional and identifies a specific branch of the bank.
Most banks include their SWIFT code in customer account details and on their mobile apps, websites, and statements. If the SWIFT code is not readily available, it can be found by searching online with the bank's name and the keyword "SWIFT code". It is important to use the correct SWIFT code when transferring money.
