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What is a swift code?

Answer:

SWIFT Code is a unique identification code for a particular bank and it is a standard format of Bank Identifier Codes (BIC).

SWIFT Codes are used for transferring money and messages between banks.
SWIFT Code is 8 or 11 characters for a bank. If SWIFT Code is 8 character code then it points to the primary branch/office

First 4 characters represents bank code.
Next 2 characters represents ISO 3166-1 alpha-2 country code.
Next 2 characters represents location code. (letters and digits) (passive participant will have "1" in the second character)
Last 3 characters represents branch code. These characters are optional. ('XXX' for primary office)

There are a great many SWIFT codes which correspond to various types of message. A SWIFT code is normally made up of the letters 'MT', and then a three digit number. The 'MT' simply stands for 'message type', and the numbers correspond to a certain type of SWIFT message. For obvious reasons these numbers are standardized globally and do not change between countries.

Please refer to the related links for more information.

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Contributor:

Toney

First answer by ID0410067775. Last edit by Garethfx. Contributor trust: 273 [recommend contributor ]. Question popularity: 48 [recommend question].

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