WHAT IS SWIFT CODE?

Swift code is a standard format of Bank Identifier Codes (BIC) and it is unique identification code for a particular bank.These codes are used when transferring money between banks, particularly for international wire transfers.Banks also used the codes for exchanging other messages between them.

The Swift code consists of8 or11 characters.When8-digits code is given, it refers to the primary office.The code formatted as below;

AAAA BB CC DDD    

First4 characters - bank code (only letters)   

Next2 characters - ISO3166-1 alpha-2 country code (only letters)   

Next2 characters - location code (letters and digits) (passive participant will have "1" in the second character)  

Last3 characters - branch code, optional ('XXX' for primary office) (letters and digits)

Swift code is a standard format of Bank Identifier Codes (BIC) and it is unique identification code for a particular bank. These codes are used when transferring money between banks, particularly for international wire transfers. Banks also used the codes for exchanging other messages between them. The Swift code consists of8 or11 characters. When8-digits code is given, it refers to the primary office. The code formatted as below; AAAA BB CC DDD First4 characters - bank code (only letters) Next2 characters - ISO3166-1 alpha-2 country code (only letters) Next2 characters - location code (letters and digits) (passive participant will have "1" in the second character) Last3 characters - branch code, optional ('XXX' for primary office) (letters and digits) Currently, there are over40,000 “live” Swift codes. The "live" codes are for the partners who are actively connected to the Swift network. On top of that, there are more than50,000 additional codes, which are used for manual transactions. These additional codes are for the passive participants. The registrations of Swift Codes are handled by Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) and their headquarters is located in La Hulpe, Belgium. SWIFT is the registered trademarks of S.W.I.F.T. SCRL with a registered address at Avenue Adèle1, B-1310 La Hulpe, Belgium.

it is unique identification code given by a bank to its customers..

SO9362 (also known as SWIFT-BIC, BIC code, SWIFT ID or SWIFT code) defines a standard format of Business Identifier Codes approved by the International Organization for Standardization (ISO). It is a unique identification code for both financial and non-financial institutions.