When making global transfers, there are two internationally recognised methods of identifying bank accounts. The first of these methods is via a SWIFT code and the second is an IBAN.
In this article we explain what a SWIFT code is.
What does SWIFT stand for?
SWIFT is acronym for Society for Worldwide Interbank Financial Telecommunication.
What is a SWIFT code?
Your SWIFT code provides a network that enables banks anywhere in the world to send and receive information in a standardised and secure environment. In practical terms, the SWIFT code is a standard format of Business Identifier Codes (BIC), which are used by banks when transferring money between them.
Why is a SWIFT code useful?
The SWIFT code is usually required when you conduct an international money transfer and is used to identify a specific bank account in the process of verifying international transactions. It can be found as a set of 8 or 11 digits on your bank account statements. These numbers are used to represent your bank branch.
What does a SWIFT code look like?
A SWIFT code is made up of four sections – Bank Code, Country Code, Location Code and Branch Code.
Save on your international money transfers
Ok, so now you know what a SWIFT code is. Now it’s time to make the switch from your bank to WorldFirst for your international money transfers. We are offer bank-beating exchange rates meaning our exchange rates are up to 8x cheaper than the banks.
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