A Swift Code or BIC is a Bank Identifier Code used to distinguish banks and their respective branches. Swift is a acronym used for (Society for Worldwide Interbank Financial Telecommunication) is also known as BIC (Business Identifier Code).These standard codes are used for international money transfer between world banks and their branches. Every Country has particular structure for Swift Code and every character in the swift code has some symbolic meaning.
SWIFT codes is a collection of 8 or 11 characters. Complete 11 digit swift code refer to specific branch of the world, whereas 8 digit codes (or those ending in 'XXX') refer to the head office of that particular bank. Swift codes consists of 4 main parts and format of swift code is explained below:
First 4 characters (XXXX) are for bank name - also known as bank code,(contains only letters)
Next 2 characters (YY) are for country prefix - ISO 3166-1 alpha-2 country code,(contain only letters)
Next 2 characters (ZZ) are for location code,(contains letters and digits)
Last 3 characters (AAA) are for branch code, optional - 'XXX' for primary office (contains letters and digits)
Swift Codes or BIC code are used to transfer money and specially for international wire transfers or SEPA payments which are easily processed with the help of SWIFT code.
Almost every bank branch in world has some swift code of BIC code, according to which payments are processed.
No, every branch has different and unique swift codes.
IFSC codes are used to tranfer funds in India only but Swift codes are worldwide coding of banks for money transactions.
SWIFT code or BIC code are used to transfer money to different parts of world, but IBAN works for European Countries.
Swift codes are used worldwide for transactions, but routing numbers are used in United States and Canada for money transactions.
Swift Code is used all over the world but sort codes are used in United Kingdom.
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