What is Swift Code?
SWIFT code (also known as ISO 9362, SWIFT-BIC, BIC code, SWIFT ID or SWIFT code) is a standard format of Business Identifier Codes
approved by the International Organization for Standardization (ISO).
It is a unique identification code for both financial and non-financial institutions.
The SWIFT code is 8 or 11 characters, made up of:
- 4 letters: Institution Code or bank code.
- 2 letters: ISO 3166-1 alpha-2 country code
- 2 letters or digits: location code
- if the second character is "0", then it is typically a test BIC as opposed to a BIC used on the live network.
- if the second character is "1", then it denotes a passive participant in the SWIFT network
- if the second character is "2", then it typically indicates a reverse billing BIC, where the recipient pays for the message
as opposed to the more usual mode whereby the sender pays for the message.
- 3 letters or digits: branch code, optional ('XXX' for primary office)
Where an 8-digit code is given, it may be assumed that it refers to the primary office.