SWIFT/ BIC codes contain 8-11 characters that identify your city, country, bank, and the branch of your bank. Right now, there are over 40,000 live SWIFT codes in the world. The International Organization for Standardization (ISO) recognizes and approves SWIFT codes for financial and non-financial institutions. More specifically, it says who and where these institutions are, so that your money goes to the correct place - you might even think of it as a global identity card for banks. Sometimes, people use the terms “BIC” and “SWIFT” interchangeably.Ī SWIFT code or SWIFT ID typically identifies banks and other financial institutions worldwide, for international transactions. Ready, get set, go! What is a BIC or SWIFT Code?īIC stands for Bank Identifier Code, and SWIFT stands for the Society for Worldwide Interbank Financial Telecommunications. Starting from what a SWIFT/ BIC code is and why you need it to how you can find it easily and use it for transferring money globally, our guide will let you know everything about this code inside out. But what is that, and where would you find it? If you’ve ever initiated a money transfer with Xe or read our guide to sending money, you might’ve seen that you’ll need a BIC or SWIFT code. To send or receive money internationally, your bank or any other financial institution must know where to send the money - but how do they know? Make way, for this is where a BIC/ SWIFT code comes into the scene!
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