What is SWIFT Number or IFS Code - Learn Banking

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) 

A SWIFT code - sometimes also called a SWIFT number - is a standard format for Business Identifier Codes (BIC). It’s used to identify banks and financial institutions globally. It says who and where they are - a sort of international bank code or ID.

These codes are used when transferring money between banks, in particular for international wire transfers or SEPA payments. Banks also use these codes to exchanging messages.
How to find a bank SWIFT code

You can usually find your bank’s BIC or SWIFT code in your bank account statements.

SWIFT codes and BIC codes are the same thing and the terms are interchangeable. Other terms used by banks overseas include:

• CHIPS (Clearing House Inter-Bank Payment System) – US and Canada only
• NCC (National Clearing Code)
• BSC (Bank Sort Code)
• IFSC (Indian Financial System Code).

The main difference between two terms is IFSC is needed while transferring funds within the country and SWIFT code is needed while transferring funds internationally. The SWIFT code can be either 8 or 11 characters long and 8 digits code refers to the primary office. The format of SWIFT Code is as follows;

AAAA BB CC DDD

1. The first 4 characters ("AAAA") specify the bank. Only letters are allowed.
2. The next 2 characters ("BB") specify the country. It use the format of ISO 3166-1 alpha-2 country code.
3. The next 2 characters ("CC") specify the location. Letters and digits are allowed. Passive participant will have "1" in the second character
4. The last 3 characters ("DDD") specify the branch. This is an optional. A 'XXX' refer to primary office. Letters and digits are allowed.