What is a SWIFT Code?
SWIFT codes or Bank Identifier Codes (BIC) are unique identification codes for a particular bank. SWIFT or BIC codes are widely used to transfer messages and money between financial institutions, and mainly between banks.
How can you read / understand a SWIFT code?
Every SWIFT code consists of 8 or 11 characters. When a8-digits code is given, it refers to the primary bank office.
- First 4 characters - bank code (only letters)
- Next 2 characters - country code (only letters)
- Next 2 characters - location code (letters and digits)
- Last 3 characters - branch code, optional ('XXX' for primary office) (letters and digits)
With a 8-digit SWIFT code, you can assume that it refers to the primary office.