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what is swift code

Society for worldwide inter-bank financial telecommunication code an internationally recognized identification code for banks around the world Swift codes are most commonly used for international wire transfers and are comprised of 8 or 11 alphanumeric characters the International Organization of standardization iOS was the authoritative body that approved the creation of Swift codes. Swift codes are a combination of various kinds of letters and are used to identify the branch codes of the banks these codes are used as bank identifier codes (BIC) Swift code is used to identify a the particular branch of a bank these codes play an important role in various van transactions especially when it comes to international transactions a swift code may also be used by various banks to transfer other messages it must be remembered that BIC and Swift codes can be used interchangeably and are one and the same thing a swift code is usually used during international bank wire transfers however, these codes may also make you pay a higher rate depending on the ongoing rates at the time of the transaction at present there are more than 40,000 live Swift codes a swift code may be of 8 to 11 digits and has the following components the first four characters are used as the bank codes only letters can be used the next two characters only letters are to describe or give the country code the next two characters can read a mix of both numbers and letters these are used for location-based codes the last three characters of the code can be digits and letters and are optional these last three characters in the swift code is used to give details about the branch code.


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