SWIFT (Society for Worldwide Interbank Financial Telecommunication)
A SWIFT (Society for Worldwide Interbank Financial Telecommunication) code is an alphanumeric code to identify specific banks around the world. It is a type of Bank Identification Code (BIC). The SWIFT code, or a variation on it, is an important part of international money transfers. SWIFT codes are often used for international wire transfers and currency exchanges.
SWIFT codes are used to identify the recipient’s bank network, and when used together with other information like bank identifiers and account numbers, they can verify exactly where transferred money should be deposited. Entering a SWIFT code allows for the faster and easier exchange and deposit of currency around the world.
SWIFT codes are made up of several different areas. The first four characters are letters and specify the bank’s name. The next two characters are also letters and define the country code where the bank is located. The next two characters are alphanumeric and help to specify the bank’s location. There may be a final three alphanumeric characters that provide further details on the bank.
The organization that defines and controls SWIFT is a global member-owned cooperative and the world’s leading provider of secure financial messaging services.
Money Transfer Glossary
When it comes to exchanging money, paying for your transfer, understanding exchange rates and more, it’s important to understand what all the details mean. But don't worry. We’ve got you covered with our complete Monito glossary and guide to the most frequent terms you’ll come across when you send or receive money internationally.
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