Friends, in this article we gives you a basic understanding about the “What is a SWIFT and BIC Code? And also give an example SWIFT Code and meaning of each elements of code.
What is a SWIFT and BIC code?
BIC stands for Bank Identifier Code. Where, SWIFT stands for The Society for Worldwide Inter bank Financial Telecommunication.
Generally, SWIFT codes and BIC codes are the same thing and the terms are interchangeable.
Normally, SWIFT Code consists 8 or 11 character. Last three digits of swift code is Branch Code. Which is optional. So, SWIFT Code are 8 digits code. And it is used to identify a specific bank in an international transaction, to make sure the money is going to the correct place.
A SWIFT-BIC, often just called BIC, is an 8 or 11 character identification code for a particular bank.
What it looks like
If you trouble in finding your bank’s SWIFT and BIC Code. Then you check your bank statement. And it will be printed at the top of your bank statements. If you cannot find it, than please contact your bank to get Swift code.
What it’s for
You may have question in your mind that what are the use of SWIFT and BIC Code. So, generally Banks use BIC code to transfer money to another bank. They also use this Code to send a message to another bank.
SWIFT and BIC code codes are used for international money transfer between banks.
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A SWIFT code is a unique code that. This code is used to identify financial and non-financial institutions.it is mainly used for international wire transfers between banks. For example, when you receive a payment from google through Adsense.
Example of SWIFT Code
Here is an example of SWIFT Code: SBININBB410. This swift code is for the Branch offices of “STATE BANK OF INDIA” in the Gujarat University Branch, Ahmedabad, India. and can be broken down to four parts:
- First four characters: First 4 characters (“SBIN” in our example) of code is use to identify the bank. And also used to identify this particular financial institution’s branches and divisions all over the world. So that, it is easy to transfer fund.
- Fifth and sixth characters: These 2 characters determine the country within which bank is located. “IN” in this example means “India”.
- Seventh and eighth characters: These 2 characters of the code consists of a location code (“BB” in this example).
- Last three characters: last 3 characters of the code is a branch code. “410” is used to identify the Branch.
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