A SWIFT code is a standard format for Business Identifier Codes (BIC). Banks and financial institutions use them to identify themselves globally during international payments. It is an 8 or 11 digit combination of letters (or letters and numbers). You can find your bank’s BIC/Swift code on your bank account statements or by following this link.
The SWIFT/BIC code is a tool to help ensure that transactions are executed correctly.
What do the SWIFT/BIC code symbols mean?
The SWIFT/BIC code, as mentioned, consists of 8 or 11 characters:
- 4 letters – code of the financial institution (bank). Often it is simply an abbreviation of the name of the bank.
- 2 letters – country code.
- 2 letters/numbers – area code of the main bank office.
- 3 letters/numbers (optional) – department code.
This code is approved by the International Organization for Standardization which registers these codes worldwide. As already mentioned, SWIFT / BIC is a code used by service providers to ensure that financial transactions are in order.
How to find your SWIFT/BIC code?
You can usually find your bank's SWIFT/BIC code on its website where the main information is visible. If you did not find it there, contact the bank employee and he/she will give you the SWIFT/BIC code.