What Are Swift Codes?

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In an increasingly global economy, you might find that you’re making more và more international transactions. If so, you may have heard of SWIFT and BIC codes. Wondering what they are & how they work? Read on!


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SWIFT codes (also known as BIC codes) ensure safe & speedy international payments through the SWIFT system. When making an overseas transaction, a SWIFT code is used to verify the identity of the banks or financial institutions. This safety measure helps ensure that funds are sent to the correct account.

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Between 8 and 11 characters long, each character of a SWIFT or BIC code provides specific details that can be validated, such as the ngân hàng, the country of origin, or the branch location. Once the ngân hàng is authenticated, a quiông xã và secure overseas payment can be made.

Why was the SWIFT/BIC code system created?

The Society for Worldwide Interngân hàng Financial Telecommunication (or SWIFT) system was created lớn provide a standardized và secure way of sending international payments. SWIFT is essentially a messaging network that allows different banks lớn skết thúc và receive sầu information electronically. Thanks to its standardized format, SWIFT helps khổng lồ avoid confusion between banks in different countries, making payments simpler and faster with less room for error.


Who uses the SWIFT và BIC code system?

Over 200 countries & 11,000 institutions use the SWIFT / BIC system—in fact, it’s the biggest international payment network in the world. By processing the codes, the system can detect where the transfer should be sent to lớn by checking the characters in the transfer against the global database. If you’re planning lớn skết thúc or receive sầu money internationally via your bank, you’ll probably be asked for a SWIFT or BIC code.


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SWIFT and BIC codes—defined

When it comes khổng lồ SWIFT & BIC codes, things can get a little confusing—so let’s lay out a simple definition. In short, SWIFT is the name of the overall messaging system, và BIC is the code used for the system—or the ‘Bank Identifier Code’. Both terms are used interchangeably khổng lồ describe the code, or even the system. This means that if you request your SWIFT or BIC code, you’ll receive sầu the exact same 8-11 digit number.

Do I need a SWIFT or BIC code to lớn make an international payment?

Wherever you are in the world, if you need lớn send or receive funds overseas through your ngân hàng, the SWIFT code of the recipient is usually required. Without this code, the transaction will likely not go through.

You’ll also typically need to provide an IBAN, or International Bank Account Number, when making an international transfer. Need some insight on IBANs and how they work? Learn more about what an IBAN number is here, & how khổng lồ use one here!

Understanding BIC code formats

Consisting of both numbers và letters, your BIC code has 8 characters—or possibly 11 if the branch location is included.

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The first 4 letters of the code indicate the financial institution quality lớn your banking service provider—to make it simple, this may be the initials of the bank’s name! Next is a 2-letter country code, such as ‘FR’ for France or ‘DE’ for Germany, and a 2 character location code that indicates the bank’s head office. The last 3 digits, if they’re provided, refer lớn the specific branch that your bank trương mục is associated with.


How bởi vì you find your SWIFT/BIC code?

To locate your SWIFT/BIC code, kiểm tra any paper or digital banking statements, or look at your trương mục details on your online banking protệp tin. You can also tìm kiếm for your BIC code using a digital SWIFT/BIC tìm kiếm tool by providing your country and bank location data.


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SWIFT/BIC coded security

Because SWIFT/BIC codes only communicate the sender and receiver’s ngân hàng identity rather than facilitating the transaction itself, they’re a very secure way to lớn manage international payments. By sending & receiving secure, standardized instructions between financial institutions, SWIFT helps reduce any errors that might occur between international banks.


Other international money transfers

While SWIFT provides the messaging network to skết thúc international payments, your bank may charge fees lớn process them. This can be a long và expensive sầu process, and there may be hidden service fees that you haven’t accounted for.

However, there are lots of affordable ways you can sover funds abroad—like with phunutiepthi.vn! To learn more, discover our tips on the best ways to send money online internationally (new tab).


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phunutiepthi.vn BIC code access

At phunutiepthi.vn, we like khổng lồ keep things simple. That’s why your BIC code can be easily found on your bank card, or at the top of your digital bank statements. To get access lớn your statements, or tải về a PDF for your records, go khổng lồ the ‘My Account’ tab in your phunutiepthi.vn tiện ích. Easily access your BIC code, as well as a host of other features—including Statistics, which offers a categorized breakdown of your spending, và 24/7 chatbot support lớn answer any questions you might have.


Your money at phunutiepthi.vn with Wise

At phunutiepthi.vn, we’ve sầu partnered with the currency exchange service Wise khổng lồ offer our customers straightforward international payments with no hidden fees.

Whether you’re paying friends và family overseas or moving money between global accounts, Wise is secure và trusted by over 9 million consumers worldwide. mở cửa an phunutiepthi.vn account today in minutes, and you’ll have access lớn Wise for making quick, affordable international transfers—all right in your phunutiepthi.vn ứng dụng.


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With the phunutiepthi.vn tiện ích, making international transfers using Wise couldn’t be simpler. Just open your phunutiepthi.vn app, tap ‘Skết thúc Money’ on your trang chủ screen, và select ‘Foreign Currency Transfer’. Next, enter the amount you want to skết thúc khổng lồ the recipient's account and select the receiving currency lớn get an instant quote. Finally, add the receiver account details, và confirm the transaction.

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Skết thúc money abroad & make international payments that you can trust, wherever you are in the world. Learn more about Wise banking features here.