A Swift code, also known as a SWIFT/BIC code, SWIFT code is a standard format for Bank Identifier Codes (BIC) used internationally to identify a particular bank or financial institution. The term "SWIFT" stands for the Society for Worldwide Interbank Financial Telecommunication, which is a messaging network used by banks and other financial institutions to securely send and receive information, such as money transfer instructions, between them.
• A SWIFT code typically consists of 8 or 11 characters and has the following format:
• The first four characters: Represent the bank's code or the institution's code (only letters).
• The next two characters: Represent the country code (only letters).
• The next two characters: Represent the location code (letters and digits) that identifies the bank's branch or office.
• The last three characters (optional): Represent the branch code (letters and digits) and are used when an 8-digit SWIFT code is not sufficient to pinpoint a specific branch.
For example, a hypothetical SWIFT code for a bank could be like this:
ABCDUS33 (8 characters): Here, "ABCD" represents the bank code, "US" represents the country code (United States), and "33" represents the location code.
ABCDUS3CXXX (11 characters): In this case, "ABCD" is the bank code, "US" is the country code, "3C" is the location code, and "XXX" is the branch code.
The SWIFT code is crucial in international money transfers and other financial transactions, as it helps to identify the recipient's bank and its location, ensuring the funds are routed accurately and securely across borders. If you need to make an international money transfer, you will likely need to provide the SWIFT code of the recipient's bank to ensure the transaction reaches the correct destination.
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