SWIFT Code

SWIFT Code Format

SWIFT code consists of 8 to 11 digits that helps in identifying branch, bank, city, and country. So the format of a SWIFT code is -

1. Bank code – Four letters of the bank.
2. Country code – The two letters of the country.
3. Location code - It is any pair of two-letter or two-number characters. Branch code – Three digits that indicate the branch.

Example – AXISINBB368 is the SWIFT code that represents Axis bank; India; Bhubaneswar;368.

How to Find SWIFT Code?

Below mentioned are a few ways in which you can find your SWIFT code -

1. Bank Account Statement/Passbook - While checking your bank passbook, you can find your SWIFT code on the front page. The account statement issued by the bank also provides SWIFT code.
2. Calling the bank - You can phone your bank's customer service line or directly speak with bank tellers and staff to get the SWIFT code.
3. Bank website - For easier access, the majority of banks provide SWIFT codes on their websites. It may be found either individually under a section specifically devoted to the bank's multiple codes or under the FAQs section concerning foreign transactions.

Who Uses SWIFT Codes?

Here are the entities who uses SWIFT codes:

When sending or receiving money from abroad, banks may request a SWIFT code from companies or individuals. Banks use these numbers to guarantee the accuracy, efficiency, and security of international transactions. Businesses exporting goods and services overseas use SWIFT codes regularly. SWIFT codes are also used by people who transfer money to relatives who live overseas. Use a SWIFT code when placing an order for imported goods and services from overseas to make sure your money goes to the correct recipient.

Entities to Which Services are Provided by SWIFT

The following are the entities to which the services are provided to by SWIFT:

1. Treasury market participants

1. Depositories

1. Foreign exchange

1. Clearing systems

1. Banks

1. Corporates

1. Asset management companies

1. Money brokers

1. Non-bank financial institutions

Country-wise SWIFT Codes of Banks

United Kingdom -

United States of America -

Australia -

Canada -

France -

Germany -

When to Use SWIFT Code?

When sending or receiving international money transfers, particularly wire transfers or SEPA payments, users may need a SWIFT code. SWIFT codes enable banks to process transfers from abroad efficiently.

Where can the User Find their SWIFT or BIC code?

User’s bank's SWIFT or BIC code is present on the user’s bank account statements. Alternatively, SWIFT or BIC finder can also be used to locate the correct code for their transfer.

How Does a SWIFT Code Work for International Payments?

Here are the details about how SWIFT code works for international payments: 

1. SWIFT was originally designed to enable banks to communicate more efficiently and securely, particularly for processing international payments.

1. SWIFT acts as a messenger, transmitting payment instructions from the issuing bank (the payor) to the remitting bank (the beneficiary or receiver).

1.  Financial institutions, including banks and clearing systems, use SWIFT codes to identify where to send money internationally, involving the recipient’s bank, the sender’s bank, and the destination of the funds.

1.  SWIFT payment may sometime require an intermediary bank due to different countries' banking rules, necessitating a third party to complete the transaction.

1.  For the SWIFT system to work fully, banks maintain accounts with each other called Nostro and Vostro accounts.

1.  When banks have a Nostro and Vostro relationship, SWIFT transfers are immediate and direct, and might require an intermediary bank without these relationships.

1. The SWIFT transaction proceeds once a correspondent bank with relationships to both involved banks are found.

1. More banks involved in an international transaction led to higher fees, longer processing times, and increased risk.

How to Check a SWIFT Code?

After obtaining a SWIFT code, users can easily verify its validity using online resources. Users need to simply paste the code into a SWIFT code checker, and it will promptly confirm whether it is valid or not. Given that international banks often provide these codes online, ensuring accuracy is a quick process.

Difference between SWIFT Code and IBAN

A bank can be identified by its SWIFT code, and an account can be identified by its International Bank Account Number (IBAN). The IBAN is a unique code of up to 34 characters (numbers and letters) that includes the country, institution, branch, and actual account number and can be used to certify a bank account across the world.