SWIFT code

SWIFT code

SWIFT code, also known as Bank Identifier Code (BIC), is a unique identification code used to identify a specific bank or financial institution in international money transfers. It is a combination of 8 or 11 alphanumeric characters, with the first four letters representing the bank or institution’s name, the next two letters representing the country code, and the last two letters representing the location code. The optional 3-digit branch code may also be included.

The SWIFT code is used to facilitate secure and efficient communication between banks and financial institutions, ensuring that the correct recipient is identified and the funds are transferred to the correct account. It is primarily used for international wire transfers, but can also be used for other types of financial transactions, such as securities trading and foreign currency exchange.

The SWIFT code is assigned by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a global network that connects over 11,000 financial institutions in more than 200 countries. This code is standardized and recognized worldwide, making it an essential tool for international financial transactions.

In summary, the SWIFT code is a unique identification code that enables the secure and accurate transfer of funds between banks and financial institutions globally. It plays a crucial role in facilitating international financial transactions and is an important component of the global banking system.