Swift Code is the Unique Identifier Code for an Individual Bank all over the world. Swift code is also known as Bank Identifier Code (BIC).With the Swift or BIC code we can identify whether an institution is a financial or non-financial. If we have to transfer money especially International Wire Transfers then these codes will come in handy. Even the banks also use Swift Code to communicate or exchange messages with one another.
Swift Code consists of 8 to 11 characters.
For example, Consider A B C D E F G H I J K as a Swift Code.
The First 4 (A B C D) characters – Is the Bank code (only letters).
The Next 2 (E F) characters – Is the ISO 3166-1 alpha-2 country code (only letters).
The Next 2 (G H) characters – Is the location code (letters and digits) (passive participant will have "1" in the second character).
The Last 3 (H I J) characters – Is the Branch code, optional ('XXX' for primary office) (letters and digits).
If an 8 digit code Is given then it refers to Primary Office Swift Code.