A SWIFT code (Society for Worldwide Interbank Financial Telecommunication) – sometimes known as a BIC code (Bank Identifier Code) – is an international bank code of eight to eleven digits used to send money overseas.
In order to send money to someone overseas, you’ll need to get their details to ensure the funds end up in the right place. This may mean you have to get this code from them.
While SWIFT/BIC codes are fairly common, they’re sometimes called something else in other countries:
- BSC: Bank Sort Code (Great Britain)
- CHIPS: Clearing House Inter-Bank Payment System (United States of America and Canada)
- IFSC: Indian Financial System Code (India)
An International Bank Account Number (or IBAN) also helps to identify the right bank account of your recipient, so make sure you ask them about this before you get ready to send your funds.