What is a SWIFT Code?
A SWIFT code is the unique identification code of a particular bank. These codes are used when transferring money between banks for international transfers. It indicates which bank a transfer payment is to be sent. Bank identifier codes are commonly known as SWIFT (or BIC) codes. A SWIFT code is a standard format code which is comprised of eight (8) or eleven (11) letters or numbers. The SWIFT code can be a bank’s general head office code, or relate to a bank’s individual branch or department.
A SWIFT (Society for Worldwide Interbank Financial Telecommunication) code is a unique code, 8 to 11 characters long, that is used by banks to send secure messages to other banks. It can be thought of as a bank’s numerical address (as opposed to its postal address). Similar to a postal address, you need to get the destination bank’s SWIFT code correct or the information (or funds) you’re sending can not be guaranteed to reach its final destination in a timely and accurate manner (if at all).
