What is SWIFT and BIC Codes
A SWIFT code is an international bank code that identifies particular banks worldwide. It's also known as a Bank Identifier Code (BIC). Banks uses SWIFT codes to send money to overseas banks.
SWIFT/BIC codes comprise of 8 or 11 characters. All 11 digit codes refer to specific branches, while 8 digit codes (or those ending with 'XXX') refer to the head or primary bank office. SWIFT codes are formatted as follows:
- First 4 characters - Bank code (only letters)
- 4-6 characters - ISO 3166-1 alpha-2 country code (only letters)
- 6-8 characters - Location code, passive participant will have "1" in the second character (letters and digits)
- 9-12 characters - branch code, optional - 'XXX' for primary office (letters and digits)
