Tuesday, 28 February 2017

what is Swift code

SWIFT or BIC

Swift code contains 8 or 11 characters.SWIFT stands for (Society for World wide Inter-bank Financial Telecommunication),BIC stands for (Business Identifier Code ).Approved by the International Organization for Standardization(ISO).

In 8 digit SWIFT code contains,First four letters for Bank code,next 2 letter represents the Country code,last two digits or letters contains location code.

Example no 1 :- ALLAINBB
  • ALLA means ALLAHABAD BANK
  • IN means country code (INDIA)
  • BB represents location.  
Example no 2 :- ALLAINBBWAD
  • ALLA means ALLAHABAD BANK
  • IN means country code (INDIA)
  • BB represents location.
  • WAD is Branch code.   
This code is used for transferring the money between banks for international wire transfer and also other messages will transfer. 

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