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 globally. SWIFT codes are a standard format for BIC - Business Identifier Codes.
If you send money internationally you nearly always need to use a SWIFT code, as it’s the way banks and money transfer services figure out where the money needs to go. You can think of a SWIFT/BIC code a bit like a ZIP/postal code. A bank on one side of the world finds the right bank on the other side of the world. Like sending post to the wrong ZIP/postal code means it may get lost, the same thing can apply for your money and the wrong 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. Only letters.
- BB: 2 character country code. ISO alpha-2 country code.
- CC: 2 character location code.
- DDD: 3 character branch code. Optional. Can include letters or digits. An XXX here would refer to the primary office.
More info about SWIFT/BIC codes
There are 2 types of SWIFT code: live and passive. Live codes are for banks who are 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.
SWIFT code registrations and management are the responsibility of "Society for Worldwide Interbank Financial Telecommunication" (“SWIFT”) which is located in La Hulpe, Belgium.
SWIFT is the registered trademark of S.W.I.F.T. SCRL with a registered address at Avenue Adèle 1, B-1310 La Hulpe, Belgium.