SWIFT CODES - What are SWIFT CODES and How Does it Work | Instarem
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What is a bank SWIFT/BIC code?

Also known as BIC (Bank Identifier Code), a SWIFT ID is an 8-11 character code that is used to identify banks and financial institutions globally. Each unique code is mapped to a bank’s name, country, city and branch.​

When do you need a SWIFT/BIC code?​

A SWIFT code is used in various bank transactions, especially in international money transfers. You are required to enter the SWIFT/BIC code of your recipient’s bank to make an international transfer, as it ensures your money goes to the right place.​​

Format of a SWIFT code​: A SWIFT code is comprised of four parts:​

Bank code

AAAA

Country code

BB

Location code

CC

Branch code

DDD

Bank code

Up to 4 letters (A-Z), usually a short version of the bank name

Country code

2 letters (A-Z) indicating the name of the country the bank is based in​

Location code

2 characters, a mix of letters and numbers, indicating the bank’s head office location​

Branch code

3 numbers that identify the branch of the bank​

Bank
code

Bank code

Up to 4 letters (A-Z), usually a short version of the bank name

Country
code

Country code

2 letters (A-Z) indicating the name of the country the bank is based in​

Location
code

Location code

2 characters, a mix of letters and numbers, indicating the bank’s head office location​

Branch
code

Branch code

3 numbers that identify the branch of the bank​

A good example of a SWIFT code is CommBank’s code CTBAAU2S​

International bank transfers with SWIFT code:

Did you know?​

SWIFT codes play an important role in bank transactions, especially overseas transactions.​

When you transfer money internationally through banks, you may be charged high fees and high FX rate markups. Usually these charges may not be upfront and you may not know the exact cost of sending money.​

With Instarem you get higher value out of your transfers.

We offer competitive FX rates with every transfer and low fees that are all upfront and transparent, nothing hidden.

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*Rates shown are for illustration purpose only.

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