When you send or receive money internationally, banks need a way to identify each other across borders. The SWIFT code is the global standard for this. Whether you are receiving a foreign salary, paying an overseas supplier, or transferring funds abroad, the SWIFT code is essential. Here is how it works.<\/p>\n
A SWIFT code (also called a BIC code, which stands for Bank Identifier Code) is an international standard that uniquely identifies a bank or financial institution globally. It is used in international wire transfers to route money to the correct bank and branch.<\/p>\n
SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. It is a cooperative organisation founded in 1973 that provides a secure messaging network for financial institutions worldwide. Over 11,000 institutions in more than 200 countries use the SWIFT network.<\/p>\n
A SWIFT code is 8 to 11 characters long:<\/p>\n
– **First 4 characters:** Bank code (letters only). Identifies the bank.
\n– **Next 2 characters:** Country code (2-letter ISO country code). Identifies the country.
\n– **Next 2 characters:** Location code (letters or numbers). Identifies the city or location.
\n– **Last 3 characters (optional):** Branch code. Identifies the specific branch. If omitted, it refers to the bank’s head office.<\/p>\n
**Example:** HDFCINBBMUM<\/p>\n
– HDFC = HDFC Bank.
\n– IN = India.
\n– BB = Mumbai (city code).
\n– MUM = Specific branch.<\/p>\n
If the last 3 characters are omitted or XXX, it refers to the bank’s primary address for international transfers.<\/p>\n
You need a SWIFT code when:<\/p>\n
– **Receiving international wire transfers:** Share your bank’s SWIFT code with the overseas sender.
\n– **Sending money abroad (wire transfer):** Provide the recipient bank’s SWIFT code.
\n– **Opening a foreign currency account:** Your bank will ask for the beneficiary bank’s SWIFT code.
\n– **Receiving salary from a foreign employer:** Your employer’s payroll team needs your bank’s SWIFT code.
\n– **Receiving freelance payments from international clients:** Platforms like Wise, PayPal, and direct wire transfers often require a SWIFT code.<\/p>\n
| Feature | SWIFT Code | IFSC Code | – **Bank’s website:** Most banks list their SWIFT code on the website under the international transfers or wire transfer section. International wire transfers via SWIFT typically take 1 to 5 business days to complete. The charges include:<\/p>\n
\n|—|—|—|
\n| Used for | International transfers | Domestic transfers (NEFT, RTGS) |
\n| Format | 8-11 alpha<\/a>numeric | 11 alphanumeric |
\n| Scope | Global | India only |<\/p>\nHow to Find Your Bank’s SWIFT Code<\/h2>\n
\n– **Bank statement<\/a> or passbook<\/a>:** Some banks print the SWIFT code.
\n– **Call your bank:** The SWIFT code for international transfers is usually provided readily.
\n– **SWIFT\/BIC lookup tools:** Several websites allow you to search SWIFT codes by bank name and country.<\/p>\nSWIFT Transfer Timeline and Charges<\/h2>\n