What is the SWIFT Code?

The full form of SWIFT is Society for Worldwide Interbank Financial Telecommunications. A SWIFT Code is a Code consisting of 8-11 characters used to identify a specific financial institution worldwide involved in the transactions. SWIFT Code is also known as BIC (Business Identifier Code.)

With the help of the SWIFT Code, one can perform International Wire Transfers between banks. The Standard Format of the SWIFT Code is AAAABBCC123.

  1. AAAA - 4 Letter Bank Code
  2. BB - 2 Letter Country Code
  3. CC - 2 Letter/Number Location Code
  4. 123 - 3 Digits Branch Code.

The Features MyBankDetail Provides to Find the SWIFT Code.

Once you will visit MyBankDetail, you will see that it provides three ways to find the SWIFT Code:

  • Find SWIFT Code: The first option you will see is “Find SWIFT Code”. Click on it and choose Country, Bank and City, then choose your preferred SWIFT Code from the drop-down list. You will get every detail along with the SWIFT Code.
  • Validate SWIFT Code: The next option you will find is “Validate SWIFT Code”. If you want to verify the SWIFT Code before making the transfer of money. Click on this option and enter the SWIFT code you want to check. Once you click on Submit, you will find in-depth information associated with that SWIFT Code.
  • Search by Country: Click on Search by Country to search SWIFT Code by country. You will see the list of countries. Choose your preferred country from the list and it will come up with a list of banks. Choose your bank and you will receive your SWIFT Code along with the detailed information.

What Are the Benefits of the SWIFT Code?

SWIFT Code comes with various benefits such as,

  • Uniquely identifies banks and financial institutions involved in the transactions.
  • Ensures secure and accurate international fund transfers.
  • Facilitates effortless money transfer between two banks.
  • Has a standardized format for consistency in financial transactions.
  • Processes the transactions quickly.
  • Reduces the risk of errors in identifying recipient's bank.

Who Uses SWIFT?

In the beginning, it was designed for the banks but with time it has been opened for all the financial institutions. Any bank or financial institution that wants to make quick and secure international wire transfers can use SWIFT.

  • Banks
  • Brokerages
  • Exchange Brokers
  • Depositories
  • Trading houses
  • Foreign Exchange Money Brokers
  • Individual or Corporate Business Houses who want to make payments
  • Exchanges

What is a SWIFT Payment?

You can think of SWIFT payments as high-tech messengers for sending and receiving money across different countries. Basically, it’s not a bank but a pathway for banks to communicate when they want to transfer funds overseas accurately and quickly with all the security. This ensures that payments or details related to payment are directed to the right place.

Global Connection: SWIFT has designed a giant web that connects banks across the globe, making international business faster and smoother. As of November 2022, they offered a pathway to an average of 44.8 million messages every day- that’s a lot of communication between banks

Anyone, whether you are an individual or a business, can use SWIFT to send or receive money internationally. Though you and the other person use different banks, SWIFT makes sure the money gets where it has to go.

Who Owns SWIFT Payment?

It is quite an easy process to make a SWIFT payment. You will need some details as follows,

  • The full name of the person or company you want to make payment.
  • Full name and branch address of the recipient’s bank.
  • SWIFT Code or BIC, the account number to which you are directing funds.
  • The name of any intermediary bank, along with its SWIFT Code, in case applicable.
  • The amount and currency you want to send.
  • ABA number, sort code and BSB routing code for banks in the USA.
  • You may also need a payment reference to identify your payment information in the recipient’s account.

Once you have all the details, contact your bank, provide all the information to the bank and provide your payment to the bank to which you want to transfer and now wait for the confirmation. If you are unsure about the SWIFT Code, fetch your SWIFT Code through MyBankDetail.

How Does a SWIFT Payment Work?

If you want to make a payment overseas, suppose you are a company that banks with Wells Fargo, you need to send a payment to your manufacturer in Canada, which banks with HSBC Bank. To complete your transaction, you will need to contact your bank along with the details of the manufacturer (SWIFT Code and account number). And make a small payment. The money will be securely sent to where it needs to go in a few business days or hours.

What Are SWIFT Services?

Here is the list of SWIFT Services to check out:

  • Real-time transaction matching
  • Banking Market Infrastructure
  • Securities Market Infrastructure
  • Business Intelligence
  • Dynamic Filtering based on region, country, message type, etc.
  • Compliance Services such as KYC.
  • Messaging Solutions
  • Connectivity Solutions
  • Software Solutions
  • Financial Transaction Support
  • Global Network

What Are the Challenges for SWIFT?

Many of SWIFT’s clients carry large transaction volumes, so making a manual entry of each transaction is impractical. Thus the need for automation in creating, processing and transmitting is growing and so the SWIFT messages experiencing challenges with high maintenance costs and increased operational demand. SWIFT offers software solutions to its large client base successfully, but these come with their own expenses.

What is the Difference Between BIC and SWIFT Codes?

SWIFT and BIC are both a bit confusing, so let’s simply do this for you. SWIFT (Society for Worldwide Interbank Financial Telecommunications.) and BIC (Bank Identifiers Code) are used interchangeably. Both the codes are the same. If you ask for SWIFT or BIC, you will get the exact same code.


Who Assigns the SWIFT Code?

SWIFT Codes are assigned and managed by the Society for Worldwide Interbank Financial Telecommunication.

What Does BIC Mean?

BIC stands for Bank Identifier Code consists of 8-11 characters, used to identify a specific financial institution in international transactions. It ensures that the money is transferred to the right account. BIC is also known as SWIFT Code.

Do I Need a SWIFT Code or an IBAN Number?

If you are making international payments outside Europe, you will need a SWIFT Code, but for payments within European countries or those using the IBAN system, you will need an IBAN. In certain cases, you may need both numbers depending on the type of transaction.

Do I Need a SWIFT Code for International Money Transfers?

Yes, the SWIFT Code is mandatorily used for international money transfers.

Is the SWIFT Code and BIC the Same?

Yes, the SWIFT code and BIC terms are both interchangeably used.

Is the SWIFT Code the Same as an IBAN?

No, the SWIFT code and IBAN are different. SWIFT codes are used to transfer money between banks internationally while IBAN is used to identify individual bank accounts in international transactions.

Is the SWIFT Code the Same as the Sort Code?

No, both the SWIFT code and the sort code are different. SWIFT code is used for international money transfers between banks while the sort code is used in the United Kingdom and Ireland for domestic transactions within the respective countries.

Is the SWIFT Code the Same as the Routing Number?

No, the SWIFT code and routing number are different. SWIFT code is used for international wire transfers while the Routing number is used for domestic wire transfers.

Are SWIFT Codes Used for Wire Transfers Within the Same Country?

You do not need SWIFT Codes for Wire transfers within the same country as the SWIFT code is specially used for international wire transfers.