Swift code and its structure

What is Swift code or BIC ?

When a person wants to receive or send a payment from other country, then they need  swift code to do international transaction.You must have seen the IFSC code in your passbook which is different for each branch and it is used for money transfer and receive at the national level and in the same way swift code is also used to transfer and receive money from the International bank’s branch. The full form of SWIFT code is Society for Worldwide Interbank Financial Telecommunication.The way in which all the banks in India use the IFSC Code to sending and receiving money from one bank account to another bank account, In the same way all banks have a unique Swift code at the International level and they transfer money easily to foreign countries by using it.We also know swift code by the name of Bank Identifier Code.

Difference  between IFSC Code and SWIFT Code

We can transfer and receive money in any bank account in India using IFSC Code. IFSC code is a short address of your bank branch, the full form of IFSC Code is Indian Financial System Code. IFSC Code is an alphanumeric code of 11 digits. Whereas we use swift code for International transaction, through Swift code we can send money in our Indian bank account or send money to our International bank account from our Indian bank account. Swift code is of 8 or 11 characters.

Structure of Swift Code ?


(i) First 4 letters :- denotes Institution code or bank Code

(ii) Second 2 letters :- denotes country code (ISO 3166-1 alpha-2 code)

(iii) Third 2 letters or digits :- denotes location code

(iv) Forth 3 letters or digits :- denotes branch code (optional)

How to find any bank’s swift code ?

1 comment:

  1. This is truly a great read for me. I have bookmarked it and I am looking forward to reading new articles. Keep up the good work!. https://mosmmo.com