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What is SWIFT Code in Banking, and what is it used for?

October 07, 2022

What is SWIFT Code in Banking, and what is it used for?

What is SWIFT Code in Banking?

  • Swift Code is simply used by financial institutions and banks
  • It is in an Alphanumeric format
  • It consists of Bank Code, Country Code, Location Code, and specific Branch Code.
  • The purpose is to make it easy to identify globally
  • Moreover, it is used for International Money Transfer
  • For Transfering money in India, IFSC Code is sufficient

The format in Swift Code in Banking

1. Bank Code:
It consists of FOUR letters of the Bank

2. Country Code:
It consists of TWO letters of the Country where the Bank is located.

3. Location Code:
It is simply made of TWO characters that are a mixture of numbers and letters.

4. Branch Code:
It has three digits that represent the Branch

Where to find SWIFT Code:

  • Bank Website
  • Third-Party Website
  • Call
  • Bank Passbook

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We have got you covered.

All you need to do is join the ‘Thadomal Shahani Centre for Management and pursue a ‘Professional Diploma in Banking, Financial Services, and Insurance (PDBFSI) course and acquire ample knowledge about the BFSI Industry.

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