What is a SWIFT code?
A SWIFT code, also referred to as BIC code (Bank Identifier Code), is a standard format that is used to identify banks and financial institutions when sending or receiving money abroad. As it is widely accepted, a swift code helps make simpler, faster and error-free international payments. Each unique code is made up of 8-11 characters that are mapped to a bank’s name, city and branch. To find your bank’s SWIFT code you can use our swift code finder.
What do the SWIFT code digits stand for?
You can understand the swift code through its unique digits. Here’s what they stand for
- Bank code: 4 letters (A-Z), usually a short version of the bank name.
- Country code: 2 letters (A-Z) indicating the country that the bank is based in.
- Location code: 2 digits made up of letters and numbers, indicating the bank’s head office location.
- Branch code: 3 numbers that indicate the bank’s branch.
Here’s the standard format of swift code digits
What are the last 3 digits of a SWIFT code?
The last 3 digits of a bank swift code are 3 numbers that tell you which branch a particular bank account is held at. Bear in mind that some SWIFT codes may not include the last 3 digits.
What is a BIC code?
BIC stands for “Bank Identifier Code” and consists of 8-11 characters that identify the bank or financial institution being used to make an international money transfer. If you’re sending money overseas, a BIC code helps to ensure that your transfer will reach the right recipient.
What’s the difference between BIC and SWIFT codes?
The term BIC code is often used interchangeably with SWIFT code. Bic or swift codes are essentially the same thing and are used for the same purpose of identifying the banks involved in international transactions.
Who assigns the SWIFT code?
SWIFT codes or BIC codes are assigned to banks by SWIFT – the Society of Worldwide Interbank Financial Telecommunication, a global entity which facilitates secure and reliable cross-border payments.
Is SWIFT code the same for all bank branches?
This depends on the bank, really. While some banks have the same bank swift code for all branches, others have a unique swift/bic code for every branch. If you don’t have the code for a particular branch, you can use the code of the bank’s head office or find the code using our swift code finder.
Do you need a SWIFT code for international money transfers?
Yes, you need your bank’s SWIFT code to send or receive international money transfers. This includes international bank-to-bank transfers, wire transfers, and SEPA payments used for Euro transactions.
Can I transfer money without SWIFT code?
SWIFT code is required to make international transactions in most countries. If you don’t provide the swift or bic code, your transaction will most likely get rejected or cancelled. The only exception is money transfers made within European countries, where you need to provide the IBAN (international bank account number) instead of the SWIFT code.
What happens if I enter the wrong SWIFT code?
If you provide the wrong SWIFT code while making an international transfer, your transaction will most likely get rejected or cancelled, and any amount deducted from your account will get reversed. Always be sure to enter the right SWIFT code for your transfer to go through smoothly.
Is SWIFT code the same as Sort code?
Both SWIFT code and sort code are used for international money transfers, but they are not the same. A swift code has 8-11 characters, a mix of letters and numbers, and is used to identify banks internationally. A sort code consists of 6 numbers and is used to identify bank accounts within the United Kingdom.
Is SWIFT code the same as an IBAN?
Both SWIFT code and IBAN help to accurately send money across borders, but they are not the same. A swift code helps to identify a particular bank, while an IBAN (international bank account number) helps to identify an overseas bank account. Swift/Bic code has 8-11 characters while an IBAN has up to 34 characters. Some countries accept SWIFT code and others accept IBAN, but the two are often used together for international transfers.