Swift Code is the ISO format of Bank Identifier Codes (ISO 9362). It is a unique identification code for specific bank. SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. SWIFT is specially used for international bank transactions.
Structure of SWIFT Code
The SWIFT code consists of 8 or 11 characters. Where 8-digits code is given, it refers to the primary office.
- First 4 characters – bank code (only letters)
- Next 2 characters – ISO 3166-1 alpha-2 country code (only letters)
- Next 2 characters – location code (letters and digits) (passive participant will have “1″ in the second character)
- Last 3 characters – branch code, optional (‘XXX’ for primary office) (letters and digits)
There are over 7,500 “live” codes and an estimated 10,000 additional BIC codes which can be used for manual transactions. Live codes are allocated to partners that actively connected to the BIC network.
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