Bank Code

What is SWIFT Code? How to check SWIFT Code and how do I find out my SWIFT Code?

Feb/03/2023

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Business is changing, and global trade is becoming more accessible by the minute. People want to work together, and we have the financial technology to make it happen. The SWIFT service establishes an international level of connectivity, accelerating global trade and bringing the world closer together. It enables safe and secure cross-border payments and assists banks in developing an intermediary network. More than 11,000 global SWIFT member institutions delivered 42 million messages per day on average in 2021, an increase of 11.4% over 2020. The economy is thriving. The SWIFT network is an excellent choice for streamlining international transactions, elevating international trade, and ensuring security. This guide from our DNBC Financial Group’s experts will help you find out the answer to these questions:

- What is SWIFTcode?
- How do you find out your SWIFTcode?

What is SWIFT Code? How to check SWIFT Code and how do I find out my SWIFT Code?

What is SWIFT code?

A SWIFT code is a common format used by banks and financial institutions when making international transfers. It identifies the branch, bank, and country in which an account is registered, as well as communicates the who, what, and where via BIC (Bank Identifier Codes).

SWIFT is an acronym that stands for Society for Worldwide Interbank Financial Telecommunication. The BIC system is owned and managed by SWIFT. It can quickly identify a bank and send payment. The SWIFT network was also responsible for standardizing IBAN formats (international bank account numbers).

BIC codes are used by the SWIFT network to secure payments such as international bank wires, overseas money transfers, and SEPA payments. It is also used solely for messaging.

A SWIFT code is also known as:

SWIFT ID
BIC code
ISO9362

When you use DNBC Financial Group to transfer money to a bank account in another country, you'll need this code to ensure your money gets to the right place.

Why choose DNBC Financial Group for international transfer

With DNBC Financial Group, you can transfer money to over 170 countries and territories.
Most of our transfers are paid immediately or within 1 - 5 working days.
It takes only 2 minutes to sign up
You can also use our app or website to make your payments 24/7, 365 days a year.

What does a SWIFT code look like?

A SWIFT code is made up of either 8 or 11 letters and numbers. They are organized as follows: AAAABBCCDDD

AAAA: 4 Letters abbreviating Bank’s name - Bank Code

BB: 2 Letters representing Country code

CC: 2 Letters or Numbers for Location code

DDD: 3 Letters or Numbers Optional for Branch Code

The branch code is similar to a Routing number in the United States. Some SWIFT codes simply substitute XXX for the branch code. In this case, the transfer will be routed to the bank's headquarters.

Because ISO9362 is the International Standard for SWIFT/BIC codes, this term is sometimes used in place of SWIFT. The ISO is responsible for the structure of a SWIFT code, including the use of letters, numbers, and code length.

When Do You Need a SWIFT Code?

When sending or receiving money globally between banks, a SWIFT code is usually required, especially when sending wire transfers or SEPA payments.

SWIFT was initially designed to stimulate communication about treasury and correspondent transactions. However, the messaging format's functionality allowed for huge scalability.

How do I find out my SWIFT code?

If you're sending a bank transfer to family or friends, you'll need the SWIFT code for their banks in order to complete your transfer. You and your respondents can locate them in the following ways:

Check bank statements

Banks frequently include their SWIFT codes on paper statements. If your respondents don’t receive paper statements, they can access their bank accounts and view their statements online. They can then provide you with the SWIFT code.

Visit the bank's website

Whether you're looking for your own bank's SWIFT code or the SWIFT code of another bank:

Check the bank's website to see if the SWIFT code is listed.
Check the bank's FAQs, overseas payments, and other relevant links.
If the website has a search feature, type 'SWIFT code' into the search box.

Search online

There are numerous websites such as theswiftcode.com that can assist you in locating a bank's SWIFT code. Simply select the country and then the bank name.

Is there a difference between a SWIFT code and an IBAN?

Yes. Essentially, they are used to identify various things. During an international transaction, a SWIFT code is used to point out a specific bank. An IBAN (International Bank Account Number) identifies a specific account in a specific transaction. The IBAN is used in many nations worldwide and can be up to 34 characters long, including numbers and letters. The IBAN and SWIFT codes are both critical to the smooth operation of overseas money transfers.

About DNBC Financial Group

DNBC Financial Group, a memberof BIN Corporation Group, was established in 2017 as a financial institution, offering a digital platform for payment transactions, including transfers of funds, and money remittance acquiring globally, allowing clients to leverage the global markets ecosystem to achieve their business objectives through a single trusted partner.

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