What does swift code mean in banking

The SWIFT code is a Business Identification Code (BIC) assigned to banks by SWIFT as an easy cross-border payment solution. For any transaction this bank makes on an international level, the SWIFT code is used. The purpose of the code is to act as an international digital language to conveniently conduct payments overseas. The concept makes for a fast, hassle-free process. A bank must opt into SWIFT to receive the code and be part of the network. This vast system is electronic and uses a cloud platform to quickly transmit codes to and from banks. 

Made of up eight to eleven characters, codes are assigned using an algorithm of three parts: the institution, the country, and the local location (city, town, etc). Banks that choose to use eleven characters do so usually to identify a specific branch. This is the case when more than one branch exists in a local area. For example, bank franchises that have multiple locations in a big city, such as London or New York City or San Paolo, will likely use an eleven-character SWIFT code to designate the specific branch.

Here’s how it works: when a person transfers money individually, they will go to their bank with the recipient’s banking SWIFT code and an international account number (more on that later). The local bank will then send a SWIFT message to the recipient’s bank to accept the transfer. Upon the recipient’s bank approval, the payment is posted and the transfer is complete. 

Select the country and bank.​

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Enter a SWIFT / BIC code​

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Country

Bank name

City

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Tower 1, 21-00, 8 Marina View, Asia Square

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What is SWIFT code of a bank?​

Also known as BIC code (Bank Identifier Code), a SWIFT code is an 8-11 character code that is used to identify banks and financial institutions globally. Each unique code is mapped to a bank’s name, country, city and branch.​

Where can I find my bank BIC / SWIFT code?​

Your bank’s SWIFT/BIC code will usually be mentioned on your bank account statement. You can also use our tool to find your bank's swift code before sending money overseas.​ ​​

When do you need BIC / SWIFT codes?​

A SWIFT code is used in various bank transactions, especially in international money transfers. You are required to enter the SWIFT/BIC code of your recipient’s bank to make an international transfer, as it ensures your money goes to the right place.​​

Format of a SWIFT code​: A SWIFT code is comprised of four parts:​

Bank code

AAAA

Country code

BB

Location code

CC

Branch code

DDD

Bank code

Up to 4 letters (A-Z), usually a short version of the bank name

Country code

2 letters (A-Z) indicating the name of the country the bank is based in​

Location code

2 characters, a mix of letters and numbers, indicating the bank’s head office location​

Branch code

3 numbers that identify the branch of the bank​

Bank
code
AAAA

Bank code

Up to 4 letters (A-Z), usually a short version of the bank name

Country
code
BB

Country code

2 letters (A-Z) indicating the name of the country the bank is based in​

Location
code
CC

Location code

2 characters, a mix of letters and numbers, indicating the bank’s head office location​

Branch
code
DDD

Branch code

3 numbers that identify the branch of the bank​

A good example of a SWIFT code is CommBank’s code CTBAAU2S​

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