SWIFT stands for Society for worldwide inter bank financial telecommunication. A Swift code is made up of either 8 or 1 alphanumeric digits that provide the identity and location of the bank. In this code 5th and 6th characters are reserved for the country.What is BIC code for Swift?
Swift Code or BIC code are part of ISO 9362 standards. It is a standard format of Business Identifier Codes (“BIC”). BIC sometimes also refers to “Bank Identifier Code”. Swift Code or BIC Code is a unique code to identify financial and non-financial institutions.What is international SWIFT code?
A Swift Code is a unique international code that identifies banks globally. They play an important role in bank transactions, particularly for international wire transfers or SEPA payments. SWIFT Codes can sometimes be referred to as BIC codes but they the represent the same thing and the terms are interchangeable.