What is a SWIFT Code?
It is a unique identification code for both financial and non-financial institutions. "SWIFT" stands for the Society for Worldwide Interbank Financial Telecommunication and the society handles the registration of these codes, because SWIFT originally so it is very important things. When assigned to a non-financial institution, the code may also be known as a Business Entity Identifier or BEI. These codes are used when transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks. The codes can sometimes be found on account statements.
Structure of a SWIFT Code
The Swift code consists of 8 or 11 characters. When 8 characters code is given, it refers to the primary office. The code formatted as below:AAAA BB CC DDD
Next 2 characters - ISO 3166-1 alpha-2 country code (letters only)
Next 2 characters - location code (letters and digits) (passive participant will have "1" in the second character)
Last 3 characters - branch code, optional ('XXX' for primary office) (letters and digits)
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