What is a SWIFT code?

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Written by Currencies
Updated 1 year ago

The SWIFT international payment network is used to send and receive electronic payments (also known as wire payments). It sends payment orders between banks using SWIFT codes, so banks can transfer money quickly, reliably, and securely.

SWIFT code format: AAAA | BB | 11 | 222

AAAA – represents the bank (for example, Barclays is BUKB)

BB – represents the country where the bank is located.

11 – designates location of banks main office.

222 – code for the bank branch.

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