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What is SWIFT / BIC?

A SWIFT code is a standard format for Business Identifier Codes (BIC). Banks and financial institutions use them to identify themselves globally during international payments. It is an 8 or 11-digit combination of letters (or letters and numbers). You can find your bank’s BIC/Swift code on your bank account statements or by following this link.

The SWIFT/BIC code is a tool to help ensure that transactions are executed correctly.

What do the SWIFT/BIC code symbols mean?

The SWIFT/BIC code, as mentioned, consists of 8 or 11 characters:

  • 4 letters – code of the financial institution (bank). Often it is simply an abbreviation of the name of the bank.
  • 2 letters – country code.
  • 2 letters/numbers – area code of the main bank office.
  • 3 letters/numbers (optional) – department code.

This code is approved by the International Organization for Standardization which registers these codes worldwide. As already mentioned, SWIFT/BIC is a code used by service providers to ensure that financial transactions are in order.

How to find your SWIFT/BIC code?

You can usually find your bank's SWIFT/BIC code on its website where the main information is visible. If you did not find it there, contact the bank employee and he/she will give you the SWIFT/BIC code.

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