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.
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Disclaimer:
These comments are the views and opinions of the author and should not be construed as advice. You should act using your own information and judgement.
Whilst information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed.
All opinions and estimates constitute the author’s own judgement as of the date of the briefing and are subject to change without notice.
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