Swift code

 

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I am Rahul kadam. Today we will discuss on topic swift code. 

The SWIFT code is a Business Identification Code (BIC) assigned to banks by SWIFT as an easy cross-border payment solution. For any transaction this bank makes on an international level, the SWIFT code is used. The purpose of the code is to act as an international digital language to conveniently conduct payments overseas. The concept makes for a fast, hassle-free process. A bank must opt into SWIFT to receive the code and be part of the network. This vast system is electronic and uses a cloud platform to quickly transmit codes to and from banks. 

Made of up eight to eleven characters, codes are assigned using an algorithm of three parts: the institution, the country, and the local location (city, town, etc). Banks that choose to use eleven characters do so usually to identify a specific branch. This is the case when more than one branch exists in a local area. For example, bank franchises that have multiple locations in a big city, such as London or New York City or San Paolo, will likely use an eleven-character SWIFT code to designate the specific branch.

Here’s how it works: when a person transfers money individually, they will go to their bank with the recipient’s banking SWIFT code and an international account number (more on that later). The local bank will then send a SWIFT message to the recipient’s bank to accept the transfer. Upon the recipient’s bank approval, the payment is posted and the transfer is complete. 

Everything you need to find the right SWIFT/BIC code for your transfer. Search by bank or country to find the right branch code. Or, if you already have a code, you can use our checker tool to make sure it’s correct.

What is a SWIFT/BIC code?

A SWIFT code — sometimes also called a BIC number — is a standard format for Business Identifier Codes (BIC). It’s used to identify banks and financial institutions globally. It says who and where they are — a sort of international bank code or ID.

These codes are used when transferring money between banks, in particular for international wire transfers or SEPA payments. Banks also use these codes to exchange messages between each other.

A SWIFT code is a set of 8 or 11 digits that represents a bank branch. You'll need to use one when sending money internationally.A SWIFT code — sometimes also called a SWIFT number — is a standard format for Business Identifier Codes (BIC). Banks and financial institutions use them to identify themselves globally. It says who and where they are — a sort of international bank code or ID.