SWIFT code is a standard format of Bank Identifier Codes (BIC) and it is unique identification code for a particular bank.

These codes are used when transferring money between banks, particularly for international wire transfers. Banks also used the codes for exchanging other messages between them.

The SWIFT code consists of 8 or 11 characters. When 8-digits code is given, it refers to the primary office.

  • First 4 characters - bank code (only letters)
  • Next 2 characters - ISO 3166-1 alpha-2 country code (only letters)
  • Next 2 characters - location code (letters and digits) (passive participant will have "1" in the second character)
  • Last 3 characters - branch code, optional ('XXX' for primary office) (letters and digits)
Currently, there are over 7,500 “live” SWIFT codes. The "live" codes are for the partners who are actively connected to the SWIFT network. On top of that, there are more than 10,000 additional codes, which are used for manual transactions. These additional codes are for the passive participants.

The registrations of SWIFT Codes are handled by Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) and their headquarters is located in La Hulpe, Belgium.

SWIFT is the registered trademarks of S.W.I.F.T. SCRL with a registered address at Avenue Adèle 1, B-1310 La Hulpe, Belgium.

SWIFT Code, BIC Code, ISO 9362

SWIFT Code or BIC code are part of ISO 9362 standards. It is a standard format of Business Identifier Codes (“BIC”). BIC sometimes also refers to “Bank Identifier Code”

SWIFT Code or BIC Code is a unique code to identify financial and non-financial institutions. These codes are mostly used when transferring money between banks, especially for international wire transfers or telegraphic transfer (“TT”). The codes are also used in exchanging messages between banks.

The code consists of 8 or 11 characters. If only eight characters code is given, it is assumed that it refers to the primary office. The characters are made up of,

  • First 4 letters :- bank or institution code
  • Next 2 letters :- ISO 3166-1 alpha-2 country code
  • Next 2 letters or digits :- location code
    • if the second character is “0″, then it is typically a test code instead of the code used on the live network.
    • if the second character is “1″, then it indicates a passive participant in the SWIFT network. The code used for manual transaction.
    • if the second character is “2″, then it indicates a reverse billing code. It means that, the recipient pays for the message instead of usual mode whereby the sender pays for the message.
  • 3 letters or digits :- branch code, optional (‘XXX’ for primary office)

The registration of SWIFT Code or BIC Code handled by Society for Worldwide Interbank Financial Telecommunication (“SWIFT”). SWIFT headquarters is located in La Hulpe, Belgium. It was founded in Brussels in 1973, and it is a cooperative society under Belgian law.

Most of the international interbank linked SWIFT network SWIFT network linked more than 9,000 financial institutions in 209 countries and territories. They were exchanging an average of over 15 million messages per day.

In the network, there are over 7,500 “live” codes. Live codes are for partners who are actively connected to the BIC network. On top of that, there are more than 10,000 additional codes, which can be used for manual transactions.

For individual users, SWIFT Code normally used to transmit money across the international border.

Some countries also implement domestic bank code or clearing system to transfer money within their own border. Examples are, Routing Numbers in United States (“USA“) and Canada, Sort Codes in United Kingdom (“UK“), Bankleitzahl (“BLZ Codes”) in Germany, Bankenclearing-Nummer (“BC”) & SIX Interbank Clearing Codes (“SIC”) in Switzerland, Code Banque & Code Guichet In France, Codice ABI (“ABI”) & Codice di Avviamento Bancario (“CAB Code”) in Italy, Registreringsnummer (“Reg. nr.”) in Denmark, Bank State Branch (“BSB”) numbers in Australia, Indian Financial System Code (“IFSC”) in India.