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That is why we have 11 and 8 characters SWIFT codes.

They can be letters or numbers and are optional.

Lastly, the last three digits give the branch code (“XXX”).

The other two characters are location codes and can be a mix of letters and numbers.

The next two characters must also be letters and represent the country code.

The first four characters in any SWIFT code must be letters and represent the bank code.

What Do the Digits in a SWIFT Code Mean?Ī SWIFT code consists of 8 to 11 characters, with four components, and each section tells you something about the bank account. However, it’s not to be confused with a routing number, which is used for domestic transfers. A bank can instantly identify the financial institution it needs to send money to with a SWIFT code. The codes help to reduce the time it takes to send money internationally. A SWIFT code facilitates the international transfer of money between banks. In other words, the unique codes are used as Bank Identifier Codes (BIC).

The code identifies the bank, branch, and country where an account is registered globally. SWIFT is an acronym from the Society for Worldwide Interbank Financial Telecommunication An institution formed in 1973 to solve a common issue of communicating cross-border payments.Ī SWIFT code, also referred to as SWIFT-BIC, Swift ID, BIC (Bank Identifier Code), or SWIFT code, is a combination of letters and numbers used to identify banks and other financial institutions. So if you are unsure of what your SWIFT code is, this article will discuss what SWIFT Codes are, how they work, who needs them, and how to find your swift code.

SWIFT codes can also help you verify the legitimacy of a bank or financial institution before you send them money. This is because SWIFT codes help identify banks and financial institutions worldwide so that payments can be routed to the correct destination. If you’re wiring money internationally, your bank will likely require you to include a SWIFT code or a BIC code with your wire transfer.