What is a SWIFT code and why should I use it?
SWIFT code is an 8 or 11-character bank code, which allows effective identification of the Bank to which the funds are being sent (beneficiary bank). For example, the SWIFT code of Citibank in Greece is CITIGRAA where CITI – is the name of the bank, GR – Country code for Greece and AA – Head office code (Athens in this case). To denote a branch a three alpha/numeric/alpha numeric character may be suffixed. E.g. CITIGRAAXYZ, where XYZ –Branch code. A valid SWIFT code (BIC code) ensures the efficient transfer of funds.
