SWIFT (Society for Worldwide Inter-bank Financial Telecommunication)

SWIFT (Society for Worldwide Inter-bank Financial Telecommunication)

SWIFT (Society for Worldwide Interbank Financial Telecommunication) is also known as BIC (Business Identifier Codes) and as SWIFT-BIC, BIC code, SWIFT code, ISO 9362. These codes are used for international money transfer between banks.

 

SWIFT code Example

SBIN IN BB 455 (Example)

  • SBIN – Bank code (SBI)
  • IN – Country Code
  • BB – Location Code
  • 455 – Branch Code (Mylapore, Chennai)

Usually SWIFT code contains eleven(11) characters. Primary office SWIFT codes contains eight(8) characters

First 4 characters are used to identify Banks and Financial Institution, Next 2 characters are used to identify Country (ISO country code), Next 2 characters are location codes. The second character is meant as follows (if applicable),

  • 0 – test BIC
  • 1 – passive participant
  • 2 – reverse billing BIC

Last 3 characters (if available) denotes branch [619 denotes primary office]

 

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