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SWIFT Code/ BIC Code:
Society for Worldwide Interbank Financial Telecommunication(SWIFT) has defined standard format of Business Identifier Codes which is called as SWIFT code or BIC Code.
It acts as a unique identification code for both financial and non-financial institutions. Swift code is used while transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks.
SWIFT handles the registration of SWIFT codes across the world.
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SWIFT Code/ BIC Code Format:
The SWIFT code is 8 or 11 characters: - BOFAUS3DEQN
4 letters: Institution Code or bank code. - BOFA US3DEQN
2 letters: ISO 3166-1 alpha-2 country code. - BOFA US 3DEQN
2 letters or digits: location code. - BOFAUS 3D EQN
Second character is "0": Then it is a test BIC as opposed to a BIC used on the live network.
Second character is "1": Then it denotes a passive participant in the SWIFT network
Second character is "2": Then it indicates a reverse billing BIC, where the recipient pays for the message as opposed to the more usual mode whereby the sender pays for the message.
3 letters or digits: branch code, optional ("XXX" for primary office) BOFAUS3D EQN
Where an 8-digit code is given, it may be assumed that it refers to the primary office.
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| What is SWIFT Code/BIC Code? |
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Society for Worldwide Interbank Financial Telecommunication(SWIFT) has defined standard format of Business Identifier Codes which is called as SWIFT code or BIC Code. It acts as a unique identification code for both financial and non-financial institutions. Swift code is used while transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks. SWIFT handles the registration of SWIFT codes across the world.
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