What's SWIFT code
A SWIFT code, which stands for Society for Worldwide Interbank Financial Telecommunication code, is an international bank code that identifies particular banks worldwide. It's also known as a Bank Identifier Code (BIC). These codes are used when transferring money between banks, particularly for international wire transfers or SEPA payments, and also for the exchange of other messages between banks.
A SWIFT code can be 8 or 11 characters long
- The first 4 characters are the bank code (letters only).
- The next 2 characters are the country code (letters only).
- The next 2 characters are the location code (letters and digits).
If the second character is "0", then it is typically a test BIC as opposed to a BIC used on the live network. - The last 3 characters are optional and represent the branch code (letters and digits).
This part is optional and helps specify a particular branch of the bank.
For example, in the SWIFT code CITIUS33XXX:
- CITI represents the bank code for Citibank;
- US is the country code for the United States;
- 33 is the location code for New York;
- XXX is an optional branch code.
