- What is a SWIFT code?
- What is it used for?
What is a SWIFT code?
A SWIFT code is a format for BIC (A provider of financial services like credit cards and loans. Identifier Codes) required when you make an international money transfer in order to make the process easier.
It is composed by 4 elements:
- Bank code: 4 characters that look like the bank’s name.
- Country code: 2 characters that identify with the country where the bank is located.
- Location code: 2 characters (letters and numbers) that tells you where the bank’s headquarters are.
- Branch code: 3 optional characters specifying a particular branch of the bank.
What is it used for?
It is used when you make an international money transfer to identify the country and bank where the account is registered. Without it, your money transfer might not end in the correct account.
SWIFT codes are something to keep in mind. You may not use them on a daily basis, but if you have friends or family in other countries, you are going to use one of those codes sooner or later.
Don’t forget to check the Crediverso website, where you can send money to your friends and family.