What is a SWIFT/BIC code?
A SWIFT code (also known as BIC Code) is a standard format to uniquely identify banks, non-financial, and financial institutions across the world. The SWIFT code is a standard format for BIC - Business Identifier Codes.
If you transfer money internationally you almost always need to use a BIC code, as it’s the way banks and money transfer services identify where to send money on a global scale. You can think of a SWIFT/BIC code a bit like a ZIP/postal code. Your bank uses the code to send the money to the right bank in another country. Like sending post to the wrong ZIP/postal code means it could get returned, the same goes for your money and an incorrect SWIFT code.
What does a SWIFT/BIC look like?
A SWIFT code can be either 8 or 11 characters long:
AAAA BB CC DDD
- AAAA: 4 character bank code.Just letters, no numbers.
- BB: 2 character country code. ISO alpha-2 country code.
- CC: 2 character location code.
More info about SWIFT/BIC codes
There are 2 types of SWIFT code: live and passive. Live codes are for institutions who are actively connected to the SWIFT network while passive Codes are used for manual transactions. Passive SWIFT codes will have a 1 as the second digit of the 2 character location code.