If you’ve ever sent an international wire, you might be familiar with SWIFT codes. But if you’ve never sent money to someone in another country, it’s possible you’ve never heard the term.
You can think of a SWIFT code as a unique identifier for banks across the world. Each bank has its own code, which aids in communicating with other banks across international borders. Continue reading to learn more about SWIFT codes, what they’re used for, and how to find them.
What is a SWIFT code?
A SWIFT code is a unique identifier that allows banks across the world to communicate with one another.
SWIFT is an acronym that stands for Society for Worldwide Interbank Financial Telecommunication. SWIFT is a network that was founded in 1973 to create a global messaging service for financial institutions. Today, more than 11,000 banks in over 200 countries and territories participate in the global SWIFT network.
While SWIFT is the network that allows banks to communicate securely across borders, a SWIFT code identifies a particular bank within the network. SWIFT codes can include both letters and numbers and between eight and 11 characters. You may also hear “Business Identifier Code (BIC)” in place of SWIFT code — they refer to the same thing.
A SWIFT code allows you to send money to a bank in another country. However, SWIFT doesn’t manage or ; it’s a network that facilitates communications between banks. SWIFT also plays an important role in ensuring secure international transactions. When sending money to someone in another country, you’ll provide this SWIFT/BIC code along with the recipient’s account number and personal information.
How are SWIFT codes formatted?
SWIFT codes have a minimum of eight characters and a maximum of 11. They can include both letters and numbers, which are divided into three or four groups as follows:
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The first four characters identify the bank (also called the business party prefix).
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The next two characters are the country code, which identifies the country where the bank is located.
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The next two characters identify the bank’s location (also called the business party suffix).
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The last three characters, which are optional, identify a specific bank branch.
Below, find examples of SWIFT codes for a handful of the U.S.’s largest banks:
Remember that different bank branches may have unique SWIFT codes.
What is a SWIFT code used for?
SWIFT codes are used for transferring money between different countries. They help identify financial institutions, address messages between institutions, and route transactions between banks. They’re also used in databases and compliance documents. However, SWIFT itself doesn’t manage or transact money — instead, it helps banks communicate.
You’ll need the receiving bank’s SWIFT code when sending an international . And if you’re the recipient of an international wire, the sender may ask you for your bank’s SWIFT code.
How to find a bank’s SWIFT code
You can typically find your bank’s SWIFT code under your customer account details in your online banking portal, mobile banking app, or bank statement. You may also find it on the bank’s web page about wire transfers, international banking, or routing numbers. In a pinch, plugging your bank’s name along with “SWIFT code” into a search engine may do the trick.
If you’re having trouble finding a bank’s SWIFT code, call the customer service line. If you’re looking for a local bank’s SWIFT code, you can also ask at a branch.
Frequently asked questions (FAQs)
Is a SWIFT code the same as a routing number?
A SWIFT code and a routing number are not the same thing. A SWIFT code is used for international transfers, while routing numbers are used domestically for things like direct deposit to your , paying bills, electronic transfers, and more. You’ll likely use a routing number more often. If you never send or receive money internationally, SWIFT codes won’t be very relevant for you.
Do U.S. banks have SWIFT codes?
Many U.S. banks have SWIFT codes for use in international transactions. But some smaller don’t use them. If you can’t find your bank’s SWIFT code, it’s possible it doesn’t have one. A call to customer service can confirm either way.
Is a SWIFT Code the Same as a BIC?
“SWIFT code” and “BIC” are often used interchangeably. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication, which is a communication network for banks. BIC stands for business identifier code, which is the actual number assigned by SWIFT to a particular bank. Some banks refer to these codes as BIC codes, and some call them SWIFT codes. They mean the same thing.