What's the purpose of a SWIFT code?A SWIFT code is used to identify the exact bank you are sending money to, including the country, bank location, and branch number. Made up of 8 or 11 characters, these codes are used universally to identify banks and financial institutions when sending and receiving money.SWIFT codes are a component of the SWIFT network - the Society for Worldwide Interbank Financial Telecommunication - which has existed for over 40 years and provides a secure way for banks to communicate between themselves across the world.How the SWIFT Network worksThe registration of SWIFT codes is overseen by the Society for Worldwide Interbank Financial Telecommunication (SWIFT). The terms SWIFT and BIC, which stands for Bank Identifier Code, are often used interchangeably.If you are looking for SWIFT codes in because you are planning to send money to a bank in or you need to share your bank details for an international transfer, you may also be interested in our guide on how to...
