What is a SWIFT Code?

A SWIFT code is a standard format of Bank Identifier Code (BIC) used to specify a particular bank or branch. Banks use these codes when transferring money between banks, particularly for international wire transfers. Banks also use these codes for exchanging messages between them.

A SWIFT code is a unique identification code for a bank. It's used by financial institutions to ensure safe and secure money transfers. A SWIFT code has 8 or 11 characters, depending on the type of bank it references. All 11 digit codes refer to specific branches, while 8 digit codes (or those ending in 'XXX') refer to the head or primary office

Example: AAAA BB CC DDD

• First 4 letters: Institution Code or bank code.
• NEXT 2 letters: ISO 3166-1 alpha-2 country code.
• NEXT 2 letters or digits: location code.
  • If the second character is "0", then it is typically a test BIC as opposed to a BIC used on the live network.
  • If the second character is "1", then it denotes a passive participant in the SWIFT network.
  • If the second character is "2", then it typically indicates a reverse billing BIC, where the recipient pays for the message as opposed to the more usual mode whereby the sender pays for the message.
• Last 3 letters or digits: branch code, optional ('XXX' for primary office)

Where an 8-digit code is given, it may be assumed that it refers to the primary office.