What is SWIFT code?

A SWIFT code is an international bank code that identifies specific banks worldwide. It’s also known as a bank identification code (BIC). SWIFT codes are used to send money between banks, particularly for international wire transfers. The SWIFT code consists of 8 or 11 characters, including letters and numbers. For example, the SWIFT code for Barclays Bank in London is BARCGB22. The first 4 characters (“BARC”) identify the bank. The next 2 characters (“GB”) represent the country. The last 2 characters (“22”) represent the location. If a SWIFT code is 11 characters, it means the bank has added a 3-digit branch identifier at the end of the code. In this case, “22” would be the branch identifier for Barclays Bank in London. SWIFT codes are regulated by the International Organization for Standardization (ISO). The ISO is a network of national standards institutes from 157 countries. Banks use SWIFT codes to identify themselves when sending or receiving money internationally. When you make an international money transfer, you’ll need to provide the recipient’s SWIFT code so that the money can be sent to their account in another country. You can find a bank’s SWIFT code on its website or in its transaction manuals.