SWIFT code & BIC code | What is a SWIFT number? What is a BIC number?

Being informed about what SWIFT code or BIC code is, is extremely important, especially if you need to transfer money overseas. We are going to introduce you to the vital information you need to know about SWIFT or BIC codes, SWIFT bank transfers and how the SWIFT system works exactly.

What is SWIFT Code - SWIFT and BIC Code Explained

SWIFT or Society for Worldwide Interbank Financial Telecommunications is a global network that assists the progress of secure international money transactions, exchange of payments between central banks, major securities companies, and multinational corporations.

The SWIFT code is a usual format for BIC or Business Identifier Code and this code is used to individually identify banks and other financial institutions globally. The codes are mostly used when transferring money, specifically for international wire transfers. Banks and the other financial institutions often use these codes to exchange certain messages.

How the SWIFT system works exactly?

SWIFT authorizes each bank and financial institution a unique code that consists of either 8 or 11 characters. This code is known as SWIFT number, BIC number, or SWIFT ID. In order to understand better the system of how SWIFT code actually works, we are going to present you a simple example:

If you are from New York and you want to send money to a friend or family member in Rome for instance, you need to go to the Bank of America and give your friend’s account number and the unique SWIFT code from your friend’s bank. Bank of America will instantly send a payment transfer or SWIFT message to the bank in Rome and once the bank in Rome receives the message, it will immediately credit the money to your friend’s account.

How to Use Our SWIFT/BIC Finder

Using our SWIFT/BIC Finder is extremely easy. All you need to do is to enter the bank name and the SWIFT or BIC number.

You can also check our countries list and see the bank code of each bank or financial institution in the world.

SWIFT and BIC Transfer – What You Need to Know

SWIFT money transfers are available worldwide. BIC + IBAN is considered to be the cheapest way to transfer money overseas and now it is free of charge (in most of the EU countries). This way of transferring money internationally is more efficient, faster, and low-cost because the money are sent directly through SWIFT network. In this way, the additional fees and charges are avoided.

You can also check our countries list and see the bank code of each bank or financial institution in the world.

The Difference between SWIFT Code and IBAN Code

To avoid all the confusions, we are going to present you the main difference between SWIFT or Society for Worldwide Interbank Financial Telecommunication and IBAN or International Bank Account Number. The main difference lies in what these codes identify. The SWIFT code is used to determine a specific bank during international money transaction and IBAN code is used to determine an individual account that is being involved in the international money transaction.

Without a doubt, both codes play an important role in ensuring secure and smooth transactions on the international financial market.