What is a SWIFT code?

 

SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication.

It is the method of secure communication used by banks globally.

Most Wire Payments are sent via the SWIFT network.

A SWIFT code is the unique code assigned to each bank.

SWIFT codes are either 8 characters or 11 characters long, consisting of letters and numbers.

If you have a SWIFT code that is anything other than 8 or 11 characters it is not valid.

Banks will often have many SWIFT codes with variations for each branch or operating unit.  Generally they have the same first 8 characters with the next 3 characters distinguishing between them.

 

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