SWIFT codes are a combination of various kinds of letters and are used to identify the branch
codes of the banks. 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.
A SWIFT code may be of eight to eleven digits and has the following components:
A good example of a SWIFT code would be the CommBank’s code- CTBAAU2S
It must be remembered that BICs and SWIFT Codes can be used interchangeably and are one and the same thing. A SWIFT code is usually used during international bank wire transfers. However, these codes may also make you pay a higher rate, depending on the ongoing rates at the time of the transaction. At present, there are more than forty thousand live SWIFT codes.
Click here to find your SWIFT Codes
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