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Financial Dictionary - SWIFT

SWIFT

The SWIFT (Society for Worldwide Interbank Financial Telecommunication), also known as the BIC (Bank Identifier Code), is an alphanumeric code comprising 8 to 11 digits:

  • Bank entity code (4 digits)
  • Country code (2 digits)
  • Branch location code (2 digits)
  • Branch code (3 digits). This part of the code is optional. If it does not exist, it is assumed that the account is part of the central entity.

The SWIFT code is required to make a payment or a transfer to an account located in another country, and was created to reduce errors, increase security, avoid additional costs and shorten waiting times in international transfers.

We can usually check this SWIFT code on our entity's website or digital banking application.

When making an international transfer, in addition to knowing the SWIFT code of the recipient account and choosing the currency of the transfer whenever there is a currency conversion. In addition, if the operation has some type of commission, it will also be necessary to select the way in which expenses and fees are passed on.