Society for Worldwide Interbank Financial Telecommunication
|Category|| : ||Business » Banking
|Country/Region|| : ||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.