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What is a SWIFT code?
SWIFT codes, also known as Bank Identifier Codes (BIC), are unique identifiers banks use globally. Think of them like postal codes, but for banks—they ensure your money gets exactly where it needs to go internationally.
"SWIFT" stands for Society for Worldwide Interbank Financial Telecommunication. Essentially, a SWIFT code acts as a global ID for banks, helping them recognize each other clearly during international transactions. For example, when sending money overseas, the SWIFT code ensures your transfer reaches the right bank without confusion. Banks also use these codes to securely exchange payment details and instructions.
When do you need a SWIFT code?
You'll generally need a SWIFT code whenever you handle international banking transactions. Here are some common scenarios:
Sending international wire transfers: Suppose you're sending money from your bank account in New York to friend's account in Paris. You'll need the Paris bank's SWIFT/BIC code to make sure the money arrives safely.
Receiving international payments: If someone abroad is sending you funds, you'll provide your bank's SWIFT code so their bank knows exactly where to send the payment.
Other international transactions: Even in regional payment systems like SEPA (commonly used across Europe), both an IBAN and a SWIFT/BIC code are usually required for smooth and accurate international transfers.
For domestic payments within your country, SWIFT codes aren't typically needed. Instead, you'll use local identifiers, like ABA routing numbers in the U.S. or sort codes in the UK. But once your transaction crosses borders, SWIFT codes become essential to securely route your payment internationally.