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SWIFT - BIC Codes of the World

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SWIFT - BIC CODES are maintained and handled by the World SWIFT organization which is an acronym for “Society for Worldwide Interbank Financial Telecommunication”. Whenever you have to wire transfer the first information you need is to find the right SWIFT/BIC code for your transfer. SWIFT code is a standard format of Bank Identifier Codes (BIC) and it is unique for every bank branch or financial institution. These codes are used for transferring money between banks and transmitting messages between financial institutions and banks. Initially, these were known by SWIFT CODES but later also standardized as BIC which stands for “Business Identifier Codes”. BIC and SWIFT Codes are unique alphanumeric codes assigned to each bank branches over the world swift network, which enable us to hassle-free transactions and ease us with the fund's transfers.

Swift Code Format and Structure

Format of a SWIFT/BIC code.

A SWIFT/BIC is an 8-11 character code that identifies your country, city, bank, and branch. Bank code A-Z
4 letters representing the bank. It usually looks like a shortened version of that bank's name. Country code A-Z
2 letters representing the country the bank is in. Location code 0-9 A-Z
2 characters made up of letters or numbers. It says where that bank's head office is. Branch Code 0-9 A-Z
3 digits specifying a particular branch. 'XXX' represents the bank’s head office.

A SWIFT code is used to identify a particular branch of a bank. These codes play an important role in various bank transactions, especially when it comes to international transactions. A SWIFT code may also be used by various banks to transfer other messages.
SWIFT codes are a combination of various kinds of letters and are used to identify the branch codes of the banks. These codes are used as Bank Identifier Codes (BIC).

A swift code consists of 11 or 8 characters, which is the standard format standardized by ISO (International Organization for Standardization). Here is an example code: CHASUS33XXX. This swift code is for the head offices of “JPMORGAN CHASE BANK, N.A.” in the U.S.A. and can be broken down to four parts:

CHAS - US - 33 - XXX

First four characters: These 4 characters (“CHAS” in our example) identify the bank (“JP Morgan Chase”). This 4-letter code is used to identify this particular financial institution’s branches and divisions all over the world. Fifth and sixth characters: These 2 characters identify the country in which the bank is located. “US” in this example means “UNITED STATES”. Seventh and eighth characters: These 2 characters represent a location code (“33” in this example). Last three characters: These 3 characters form the branch code. “XXX” is used to identify the HEAD OFFICE or the institution, but this particular branch code is optional, and if omitted, the 8-character remaining code (“CHASUS33” in our example) is assumed to refer to the head office (primary office) of the institution.

What is SWIFT Code? - The first four characters are used as the bank codes. ... - The next two characters, only letters, are to describe or give the country code. - The next two characters can be a mix of both numbers and letters. ... - The last three characters of the code can be digits and letters, and are optional.
You need to fill the beneficiary's details, such as bank account number, postal address of the bank and its SWIFT code, in a form. Once this is done, the amount will be debited from your account and credited to the foreign bank account in 48-72 hours. Find the wire transfer section on your bank's website. ... Double-check your online transfer limit. ... Enter the recipient's bank details. ... Enter the amount and choose the currency you want for the recipient bank. ... Pay the transfer processing fee.
If the SWIFT feature is unavailable in your bank, provide the nearest banks (branches) swift code. Note: The SWIFT Code you provide must be from the same bank.
It depends on the recipient's bank. Some banks may have one BIC/ SWIFT code for all their branches, while others have unique SWIFT codes for each of their branches. Plus, since all the branches of a bank may or may not use the SWIFT network, the code usually specifies the bank's head office or primary office.
The SWIFT code is usually required when you conduct an international money transfer and is used to identify a specific bank account in the process of verifying international transactions. It can be found as a set of 8 or 11 digits on your bank account statements. These numbers are used to represent your bank branch.
When you enter a wrong SWIFT, then this is what will happen: Your bank will subtract the money from your account balance. Your bank tries to send it to the bank with that SWIFT code. When the SWIFT code does not exist at all, your bank will reverse the payment and put the money back into your account.
A BIC (or SWIFT code) is used for processing an international payment using the SWIFT system. BIC stands for Bank Identifier Code, and every bank is assigned one, while it is commonly referred to as a BIC code.
You can usually find your bank's BIC/ SWIFT code in your bank account statements. If you're using an online bank, log into your digital bank account to easily view your bank statement. You can also find your SWIFT number by logging into online banking, calling into your local branch, or checking correspondence with your bank.
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Both are standardized and internationally recognized codes that are important for the international money transfer process. A Swift Code identifies a bank when there is a transfer process, whereas an IBAN helps to identify an individual account that is associated with the bank in internal money transfer. Both are important for the transfer of money and play a vital role in running the internal financial market. IBAN specifically checks whether the details of the transfer are correct. It has a two-digit country code, numbers that are followed by alphanumeric characters. The majority of European Union countries use IBAN for checking international remittances. Majority of internal fund transfers that are made globally use the SWIFT Code. It also acts as a messaging system that allows banks to share financial data including the status of accounts, debits, and credits made. There is a need to access both IBAN and Swift Code for international money transfers.

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