What Is A SWIFT Code?
The SWIFT (Society for Worldwide Inter-bank Financial Telecommunication) is a regular format of Business Identifier Codes (BIC) accepted by the International Organization for Standardization (ISO). It is a unique identification code for financial and non-financial companies. It is also known as ISO 9362, BIC code, SWIFT ID, SWIFT-BIC, etc.
When assigned to a non-financial company, the code is also known as a Business Entity Identifier (BEI). These codes are often used for transferring money in between banks, mainly for international transactions, and also for the exchange of other communications between banks.
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SWIFT Code Format
The SWIFT code’s length can be from 8 to 11 characters. It is formatted as follows:
- The first four characters of the code identify the particular bank or institution. For example, Citibank as CITI
- The next two characters designate the country. For example, For the United States as US, India as IN
- The succeeding two characters designate the location, usually the city.
- The last three characters are usually numerical and signify a particular branch office.
How to Find the Swift Code for a Bank?
There are various ways you can find your SWIFT code for a bank Easily.
- One of the easiest ways to find your SWIF code is to call your bank and ask them for the SWIFT code. The bank tellers or other operation staff will be able to tell you the SWIFT code of your bank branch.
- You can also look into the bank’s website if they are listing the SWIFT code of the branches. You may look into their FAQ or search SWIFT if there is a dedicated search box.
- If you have to make payment to some third party, you can ask them their SWIFT code.
- Banks often put their SWIFT code in the bank statement, so you also look up the recent statement to find the code.
- There are various dedicated SWIFT code search websites out there, where you can easily find SWIFT code for any bank any branch. For example, Theswiftcodes.com, banksifsccode.com
How do SWIFT transfers work?
SWIFT transfers are the bank transfers that are used to transfer funds between two different bank accounts from two different countries. These transfers are made using the SWIFT system. For SWIFT transfers you need to give the SWIFT code of receiver’s account after that the bank the order to transfer the required amount.
The sender’s bank forwards the data through the SWIFT system to the receiving bank and the massage includes settlement instructions. The receiver will receive the money after deduction and conversion charges.
Also Read: What Is Repo Rate?
