What is a SWIFT code?

By August 30, 2020September 11th, 2020No Comments

What is a SWIFT Code?

The Society for Worldwide Interbank Financial Telecommunication or SWIFT has been used for over 40 years as an essential part of sending and receiving international payments. Banks within the SWIFT network can securely move money across borders between one another.

Swift Codes are made up of letters and numbers and all follow the same format for example BARCGB22 is made up of the 4-character bank identifier, in this case Barclays. A 2-character country code in this case Great Britain. A 2-character location code 22, this can be numbers or letters. Finally, there may be an optional 3-character branch code. In the event the branch code is not included the payment is directed to the head office of the bank in question.

SWIFT payments or the most common way to make transfer across borders and are more transparent with SWIFT gpi, you can read more about it here.

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