Within the world of international operations, there are several numbers, codes and necessary data that banking and financial institutions require to identify other bank branches, inside and outside the country.
One of them is the SWIFT code, a very important code to be able to transfer or receive money between different countries.
What is the SWIFT code?
El SWIFT code It is an alphanumeric code whose usefulness is of vital importance when communicating between banks at an international level.
The acronym SWIFT stands for Global Interbank Financial Telecommunication Company (Society for World Interbank Financial Telecommunication). It is also known as BIC (Bank Identifier Code), and as its name suggests, it is used for identify banks and financial institutions around the world.
The SWIFT differs from the IBAN code, since the latter is the one used in the SEPA zone, an area composed of 28 countries of the European Union and other countries of the European continent.
What is the swift code for?
The swift code is used for carry out messaging operations or bank transfers between different countries, in an encrypted and secure way. This code identifies the entity receiving the transfer.
The swift consists of a series of between 8 and 11 characters (numbers and letters), and is used in those countries that are not part of the SEPA zone. It is formed as follows:
- 4 letters that correspond to the bank's identification,
- 2 letters that correspond to the country where the bank is located,
- 2 letters or numbers that indicate the location of the bank's head office,
- 3 characters that correspond to the identification of the bank branch.
Sometimes, the last three digits that identify the branch are not necessary.
How do I know what the swift code of my account is?
In general, the swift code of the bank or financial institution is available in the account details or on banks' websites or mobile applications.
How to get a Swift code?
To make or receive an international transfer, the bank can help you obtain the swift code. The code can be requested directly at the bank branch, or through the user's website or app.
In turn, there are different websites that track or check the different bank codes of many countries.
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