The Globe Tower. 32nd Street corner 7th Avenue, Bonifacio Global City, Taguig, Philippines 1634

Identify the Recipient's Bank SWIFT/BIC Code: You'll need the SWIFT/BIC code for the recipient's bank as well.

You can usually find this code on your bank's website or by contacting customer service.

Identify Your Bank's SWIFT/BIC Code: Your bank's SWIFT/BIC code is an international code that uniquely identifies your bank.

The process may vary slightly depending on your bank, but these are the basic steps: It is widely used for international money transfers, including business transactions, personal remittances, and foreign exchange. As a global standard for secure financial messaging, SWIFT connects more than 11,000 financial institutions in over 200 countries and territories.

These codes identify each bank involved in the transfer process and ensure the money reaches the right destination. In a SWIFT payment, banks use standardized SWIFT codes to send and receive unique money transfer instructions to each other, enabling them to make secure, cross-border transactions. SWIFT, which stands for Society for Worldwide Interbank Financial Telecommunication, is a messaging network used by financial institutions worldwide to securely send and receive information, such as money transfer instructions. What is a SWIFT payment?Ī SWIFT payment is an international wire transfer sent via the SWIFT international payment network.

It's important to use the correct SWIFT code when performing international money transfers as it ensures the funds reach the correct destination.

GB is the country code (United Kingdom).

If 'XXX' is used, it refers to the bank's head office.įor example, in the SWIFT code 'BARCGB22XXX':

Last 3 characters (letters or numbers) - represent the branch code (optional).

Next 2 characters (letters or numbers) - represent the location code.

Next 2 characters (letters only) - represent the country code.

First 4 characters (letters only) - represent the bank's code.

The SWIFT code is 8 or 11 characters long and made up of letters and numbers. It can also be used to exchange other messages between banks. The code is used when transferring money between banks, particularly for international wire transfers. It is a unique identification code for both financial and non-financial institutions.

A SWIFT code (also known as a SWIFT-BIC, BIC code, SWIFT ID, or ISO 9362 code) is a standard format of Bank Identifier Codes approved by the International Organization for Standardization (ISO).

The Globe Tower. 32nd Street corner 7th Avenue, Bonifacio Global City, Taguig, Philippines 1634