Understanding the SWIFT Code format
SWIFT codes follow a standardized format of 8 or 11 characters that identify banks worldwide. Here's how they break down:
- 01Bank Code: 4 letters representing the bank, often resembling an abbreviation of the bank’s name.
- 02Country Code: 2 letters representing the country (ISO standard code).
- 03Location Code: 2 letters or digits identifying the bank’s city or location.
- 04Branch Code: 3 letters or digits (optional) identifying a specific branch. XXX denotes the bank’s primary office.
Frequently asked questions
A SWIFT code is a unique identifier code that helps the transacting banks recognize each other during international money transfers. It’s usually 8 or 11 characters long and includes details such as the bank’s name, country, and branch.
You can find your bank’s SWIFT code using Xflow’s SWIFT Finder tool. Just enter your bank name and country to get the correct code instantly. You can also check your bank statement or online banking page for confirmation before sending an international transfer.
No, SWIFT and IFSC codes are not the same. SWIFT codes are used for international transactions, while IFSC codes are used for domestic transfers within India through methods such as NEFT, RTGS, or IMPS. Both the codes help in identifying banks, but they work in different payment systems.
Yes, SWIFT code and BIC (Bank Identifier Code) are the same. “SWIFT” is the network that assigns these codes, and “BIC” is the official term used in the ISO standard.
No, all banks do not have SWIFT codes. Only banks and branches that handle international payments are assigned one. Smaller banks or local branches may be using the SWIFT code of a correspondent or partner bank for cross-border transactions.
When an international transfer is made, the SWIFT code helps route the payment to the correct bank. It ensures that the funds reach the intended institution securely and accurately.
