SWIFT

Definition : Society for Worldwide Interbank Financial Telecommunication
Category : Business » Banking
Country/Region : Worldwide Worldwide
Popularity :

What does SWIFT mean?

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) code is a unique identification code for a bank for transferring money between banks, particularly for international wire transfers and also used for exchanging other messages between them. SWIFT Code is a standard format of Bank Identifier Codes (BIC). The SWIFT code consists of 8 or 11 characters. When 8-digits code is given, it refers to the primary office. First 4 characters of the code denotes the bank code, Next 2 characters = ISO 3166-1 alpha-2 country code, Next 2 characters = location code, Last 3 characters = branch code, which is optional.

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