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About SwiftcCode

SWIFT Codes and BIC codes are part of the ISO 9362 standards for sending money internationally. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication, while BIC is short for Bank Identifier Code.

What is a SWIFT Code?

A SWIFT Code is a standard format of Bank Identifier Code (BIC) used to specify a particular bank or branch. These codes are used when transferring money between banks, particularly for international wire transfers. Banks also use these codes for exchanging messages between them.

SWIFT codes comprise of 8 or 11 characters. All 11 digit codes refer to specific branches, while 8 digit codes (or those ending in 'XXX') refer to the head or primary office. SWIFT codes are formatted as follows:

  • First 4 characters - bank code (only letters)
  • Next 2 characters - ISO 3166-1 alpha-2 country code (only letters)
  • Next 2 characters - location code, passive participant will have "1" in the second character (letters and digits)
  • Last 3 characters - branch code, optional - 'XXX' for primary office (letters and digits)

What is a SWIFT Code?

These codes are used as Bank Identifier Codes (BIC). A SWIFT code is used to identify a particular branch of a bank. These codes play an important role in various bank transactions, especially when it comes to international transactions. A SWIFT code may also be used by various banks to transfer other messages.

  • How many digits is a swift code?

    11 digit
    SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. It is an 8 or 11 digit code that identifies your country, city, bank, and branch if 11-digits used. With this simple code bank can route funds to any registered bank in the world.

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  • Is Swift code and IFSC same?

    No, the two servers are for different purpose. IFSC is basically used for Indian banks whereas Swift code is an International bank identifier. If one needs to receive international payments it requires Swift Code.

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ISO 9362 defines a standard format of Business Identifier Codes approved by the International Organization for Standardization. It is a unique identification code for both financial and non-financial institutions. The acronym SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication.

The downside of international transfers with your bank

When you send or receive money using your bank, you might lose out on a bad exchange rate and pay hidden fees as a result. That's because the banks still use an old system to exchange money. We recommend you use TransferWise, which is usually much cheaper. With their smart technology:

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