![]() Make sure you enter the right SWIFT code as using the wrong one could delay your transaction or even worse, your money could end up going to the wrong place. You’ll need a SWIFT code if you’re sending or receiving money from abroad. SWIFT codes are used to identify banks and other financial institutions in international transactions and transfers. SWIFT is essentially a way for banks across the world to talk to each other about upcoming transactions (like an exclusive chatroom, but without any interesting topics). The Clear Currency effect: Keep it simple A.K.A.Ī SWIFT code is also known as a SWIFT BIC or SWIFT ID. If the payee hasn’t given you their SWIFT you can look it up online, but it’s always worth double checking with them to make sure it’s right – you don’t want to send it to the wrong account, after all. If you’re sending money overseas, you’ll need the SWIFT code of the bank you’re sending it to. If you’re receiving money from abroad, you’ll need to give the sender your bank’s SWIFT code so they know where to send it. Like a virtual address, it tells banks where in the world to send the money and without it your transaction wouldn’t happen. You’ll need a SWIFT code every time you send money internationally (remember, it might also be called a SWIFT BIC or SWIFT ID). The next two are the bank’s head office location code li class="mb-4">And then there’s an optional three-character bank branch code.The next two characters are the country code.The first four characters are the bank identifier code.What is a BIC Stands for Bank Identification Code, or Bank Identifier Code. Each helps identify a different piece of information about the bank. SWIFT codes will be displayed on the last selection box After that you will be able to double-check all the details for the final SWIFT code, which will allow you to guarantee it is referring to the correct bank. Sign up to our payments platform How does a SWIFT code work?Ī SWIFT code works because of the characters it’s made up of. You’ll find your bank’s SWIFT code on any of your bank statements or in your account details within the secure area of your online bank. Banks use them for everything from international wire transfers and SEPA payments to simple message exchanges to make sure they’re going to the right place. In real language, a SWIFT code is like an international bank ID that describes who the bank (or other financial institution) is and where they are in the world. A BIC code is the same as a SWIFT code they are simply given different names by different banks and financial institutions. Just to confuse things a little, a BIC can also be called a SWIFT BIC, SWIFT ID or SWIFT code even though they’re the same thing. ![]() SWIFT sets some basic standards and rules for financial transactions around the world and provides a secure network that more than 10,000 banks and other financial institutions use to make those international transactions.īIC stands for Bank Identifier Code. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication, which quickly explains why it’s only ever referred to as an acronym. ![]()
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