What is SWIFT code?
What is SWIFT code?
SWIFT works by assigning each member institution a unique ID code that identifies not only the bank name but country, city, and branch. SWIFT assigns each financial organization a unique code that has either 8 or 11 characters.
A SWIFT code is made of either 8 or 11 letters and numbers. They are arranged like this: AAAABBCCDDD
- AAAA: 4 character bank code
- BB: 2 character country code
- CC: 2 character location code
SWIFT assigns each financial organization a unique code that has either eight characters or 11 characters. The code is interchangeably called the bank identifier code (BIC), SWIFT code, SWIFT ID, or ISO 9362 code.
What is a SWIFT code used for?
When you are sending a bank transfer to family and friends in another country, we’ll ask you to supply a SWIFT code. It identifies the country, bank and branch that your respondent’s account is held in. Without it, your bank transfer may not get to the right destination.
How do I find a SWIFT code?
If you’re sending a bank transfer to your family or friends, you’ll need the SWIFT code identifying their banks to complete your transfer. You and your respondents can find them in these simple ways:
- Check bank statements.
Banks often put their SWIFT codes on their paper statements. But, if your respondents don’t receive paper statements, they can log in to their bank account and view their statements there. Then they can supply you with the SWIFT code. - Check the bank’s website.
Whether you’re looking for your own bank’s or someone’s else’s bank’s SWIFT code:- Go to the bank’s website and see if it has the SWIFT code listed;
- Check the bank’s FAQs, international payments or other related links;
- Type ‘SWIFT code’ into the search box if the website has a search feature.
