SWIFT code

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SWIFT code or ISO 9362 (also known as SWIFT-BIC, BIC code, SWIFT ID or SWIFT code) is a standard format of Bank Identifier Codes approved by the International Organization for Standardization (ISO). It is the unique identification code of a particular bank. These codes are used when transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks. The codes can sometimes be found on account statements.

The overlapping issue between ISO 9362 and ISO 13616 is discussed in the article International Bank Account Number (also called IBAN).

The latest edition is ISO 9362:2009 (dated 2009-10-01). The SWIFT code is 8 or 11 characters, made up of:

  • 4 letters: Institution Code or bank code.
  • 2 letters: ISO 3166-1 alpha-2 country code
  • 2 letters or digits: location code (if the second character is "1", then it denotes a passive participant in the SWIFT network)
  • 3 letters or digits: branch code, optional ('XXX' for primary office)

Where an 8-digit code is given, it may be assumed that it refers to the primary office. SWIFT Standards, a division of The Society for Worldwide Interbank Financial Telecommunication (SWIFT), handles the registration of these codes. For this reason, Bank Identifier Codes (BICs) are often called SWIFT addresses or codes.

[edit] Also See

[edit] Reference

  • Wikipedia SWIFT Code [1]

[edit] External links


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