What is the full meaning of SWIFT code?

What is the full meaning of SWIFT code?

SWIFT Codes are handled by Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) and is the registered trademark of S.W.I.F.T. SCRL with a registered address at Avenue Adèle 1, B-1310 La Hulpe, Belgium.

ASWIFT Codeis a standard format of Bank Identifier Code (BIC) used to specify a particular bank or branch. These codes are used when transferring money between banks, particularly for international wire transfers. Banks also use these codes for exchanging messages between them.

SWIFT codes comprise 8 or 11 characters. All 11 digit codes refer to specific branches, while 8 digit codes (or those ending in ‘XXX’) refer to the head or primary office. SWIFT codes are formatted as follows:

• First 4 characters – bank code (only letters)
• Next 2 characters – ISO 3166-1 alpha-2 country code (only letters)
• Next 2 characters – location code, the passive participant will have “1” in the second character (letters and digits)
• Last 3 characters – branch code, optional – ‘XXX’ for primary office (letters and digits)

Read more: Find SWIFT codes of all banks in Ghana