A SWIFT code (Society for Worldwide Interbank Financial Telecommunications), also known as a BIC (Bank Identifier Code), is a unique identifier for banks used in international transactions. These codes enable secure communication between banks regarding payment instructions.
Structure of a SWIFT Code
A SWIFT code consists of 8 or 11 characters arranged as follows:
| Characters | Purpose | Example |
|---|---|---|
| AAAA | 4-character bank code | BANK |
| BB | 2-character country code | US |
| CC | 2-character location code | NY |
| DDD | Optional 3-character branch code | 123 |
For example, BANKUSNY123 could represent a specific branch of a U.S. bank.
Where Can You Find a SWIFT Code?
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Bank Statements:
- SWIFT codes are often listed on paper statements or in the online banking portal.
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Bank Websites:
- Visit your bank’s website and check the FAQs or sections related to international payments.
- Use the site’s search feature by typing "SWIFT code."
Common Questions
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Is a BIC the Same as a SWIFT Code?
- Yes, a BIC and SWIFT code are identical and used interchangeably.
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Is a SWIFT Code the Same as an IBAN?
- No, a SWIFT code identifies a specific bank, while an IBAN (International Bank Account Number) identifies a specific account involved in an international transaction.
For more information, consult your bank or visit the official SWIFT website.