SWIFT code or SWIFT number is also known as the business identifier codes or BIC. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. SWIFT and BIC are often used interchangeably. These are a set of digits that represents a bank or a financial institution.
SWIFT codes are used for various bank transactions, more precisely for international bank transfers and procedures. It is an eight to eleven code digit that is formatted with unique components. The four characters must consist of only the letters that represent the bank codes. Followed by the next two characters which also must be letter representing the country code. The next two characters can be a combination of a letter and a number that represent the location code. The last three characters are optional and can be either numbers or letters and are used to represent the branch code.
SWIFT codes are generally used for international wire transfers. Banks use them for message exchanging processes as well. You can easily locate the SWIFT code in your bank statement. Or alternatively, find it using our SWIFT code finder.
What Specific Financial Services Does The SWIFT Network Provide?
With The Incredible Development Of Technology, More And More Electronic Devices Are Being Used Every Day For Buying And Selling Goods And Services. The SWIFT Network Creates A Secure Environment For Receiving Messages About Financial Transactions. SWIFT Transfer Messages And Payments Orders. It Does Not Hold Accounts, Or Clear Or Settle Financial Transactions.
Are Only Banks A Member Of SWIFT?
No. Other Financial Or Non-Financial Institutions Can Be Members Of SWIFT Also. The BIE Stands For Business Entity Identifier And Is Used For These Other Organizations.
Are Only Banks A Member Of SWIFT?