What is a SWIFT code?
A SWIFT/BIC code is a standard format to uniquely identify banks and financial institutions across the world. SWIFT codes are a standard format for BIC - Business Identifier Codes.
If you transfer money across international lines you nearly always need to use a SWIFT/BIC 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 code a bit like an international postal code. Your bank uses the code to send the money to the right bank in another country. Just like sending mail to the wrong ZIP code means it might get returned, the same applies for your money and an incorrect SWIFT code.
What does a SWIFT/BIC look like?
A SWIFT/BIC code is either 8 or 11 characters in length:
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. This is optional and can be 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 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.
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.