Swift code finder – When sending money to friends and family members abroad, you’ll need a Swift code that enables your bank or money transfer company to know where you are sending the money to. You don’t know what a Swift code is or what it looks like, you don’t need to worry.
Have made this blog post to give you a better understanding of the Swift code and how you can identify them. For better understanding, I’ll advise you to read this blogpost till the end.
What is a Swift code?
A swift code is a code used to identify the country, bank, and branch that an account is registered to. Swift codes are also called bank identifier codes (BIC) – when you send money to a bank account, you’ll need the Swift code to ensure your money is going to the right place.
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Swift codes are unique codes that identifies financial and non financial institutions and its mainly used for international wire transfers between banks.
Swift codes are handled by the SWIFT organization, SWIFT stands for “society for worldwide interbank financial telecommunication”. It is used by the financial world to conduct business operations.
Identifying a Swift code
A swift code consists of eleven characters which is the standard format standardized by international organizations for standardization.
A perfect example of a swift code is – CITI – US – 33 – XXX.
Swift codes consists of four parts, and they are;
- The first 4 characters identify the financial institution.
- The 5th and 6th characters identify the country in which the bank is located.
- The 7th and 8h characters represent a location code.
- Then the last 3 characters identify the branch code of the financial institution.
How swift codes work
You need a Swift code if you intend to send money from bank to bank like; from the U.S. to Canada. Once you pay the necessary fees and sign the required documents your bank will send out a swift message about your transfer details to the bank. Then the money for I’ll be transferred and credited to the recipient’s bank account.
Find a swift code
There are two simple ways to find a swift code, they include;
- Via your bank.
- Via your swift account online.
The easiest way is via your bank, you can contact your bank and request the Swift code. Some banks have different swift codes for different currencies so make sure you cross-check well before using it.
In a nutshell,
I’d say a swift code consists of letters and numbers identifying the bank branch, and country of a registered account. A swift code is used when conducting international money transfers between financial institutions like banks and money transfer companies.
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