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.
What is a SWIFT code

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