Find SWIFT Code - BIC Code - Country Wise List

The combination of various kinds of letters and digits used to identify the branch of the bank are considered as the Swift Code or the Society for Worldwide Interbank Financial Telecommunications. These codes are also used as the Bank Identifier Codes ( BIC). These codes play an important role in the international bank transactions as they can immediately identify the bank where the money is being transferred. These codes are used by the various banks in order to transfer the messages to other banks. It is actually a vast messaging network used by the banks or any other financial institutions that allows accurate and secure transfer of messages. It allows an individual to send and receive important information regarding the transactions. 

You can now easily transact huge amounts overseas by simply visiting the bank. Behind these smooth international transactions are the SWIFT codes which makes it efficient. The code has its own structure and features which makes it so essential for the financial institutions. Each and every bank that is related to the international trade and transactions use SWIFT codes. 

The SWIFT code comprises at least eight to eleven digits or letters. Each set of letters has its own significance.

• The first four characters of the code which consist only of letters represent the code of the bank.
• The next two characters of the code which contains only the letters represent the code of the country.
• The following two characters are a combination of numbers and letters and depict the location.
• The last three characters of the code might contain letters or numbers and are optional. It gives a detail about the branch of the bank. 

• It is a vast messaging network that makes international monetary transactions secure and safe for its customers.
• These codes even allow individuals to take payments even if they have their account in a bank different from that of the payee. 
• Each of the bank and its branches are assigned a specific unique identification code based on which the SWIFT works.
• SWIFT Codes is a standardized system of codes that allows the banks to transfer necessary information quickly.
• It facilitates a quick transfer of money without any hindrances.
• The code identifies the branch, country and bank as well as other necessary information related to transfer of funds.

A SWIFT Code is especially required while making monetary transactions overseas. The code is usually used in combination with the International Bank Account Number. After the transaction has been completed the bank that has received the money issues a SWIFT message to the other bank. The message is just a confirmation of the successful transaction and other details related to the money transfer. If the money is being transferred abroad by an individual he will have to include the SWIFT Code while transferring. On the other hand, if an individual from abroad needs to transfer the money then he would request for a SWIFT from the receiver. 

Where to find the SWIFT Code?

The SWIFT Code can usually be found on your bank statement. In case you do not have a bank statement you can view the SWIFT Code while logging into the bank online. These numbers even contain your bank account number, moreover, it is recognised throughout Europe, thus it is important to keep it safe and secure.

Examples of the SWIFT Code:

The various instances would make the usage of the SWIFT Code more clear to you.

• For example, a member of the Bank of America branch in New York to the other person having an account in the UnicaCredit Banca Bank, the Venice branch. He can easily visit the Bank of America along with his receiver’s account number and UnicaCreditBanca’s unique SWIFT code for its Venice branch. The Bank of America will send a money transfer SWIFT message to the UniCredit Bank via the SWIFT network. Once the message is received by the UnicaCredit Bank it will clear and credit the money to the receiver's account. 
• Let’s understand the structure of the SWIFT Code with an example. For instance, the SWIFT Code of the CommBank is CTBAAU2S. The first four characters CTBA stands for the bank, the next two is the country code and the last two depicts the location of the bank.
• For example, if your sister resides abroad and you need to transfer a particular amount to her. When you move to a bank in order to transfer the money overseas, the bank will first verify the SWIFT code that you have given. Once the code is verified it can be easily transferred to your sister’s account. 

Importance of the SWIFT Code 

• It is a secured network and ensures the safe and fast transfer of information.
• The code even saves a lot of time spent in the transaction and thus saves your money which is otherwise spent on the higher rates charged at the time of transaction.
• The code can easily identify any of the branches of the bank worldwide.