What are SWIFT and BIC Codes? How Do They Work?

SWIFT, SWIFT ID, and BIC are interchangeable terms for standardized 8- or 11-character codes that identify banks, countries, locations, and sometimes branches in international transfers conducted through the Society for Worldwide Interbank Financial Telecommunication network. The network, founded in 1973 and operated as a cooperative of member financial institutions, sends secure transaction messages rather than transferring funds directly, and is used by more than 11,000 banks across over 200 countries, although some smaller banks rely on intermediaries. SWIFT/BIC codes identify the receiving bank, while IBANs identify individual accounts for international payments; domestic routing codes serve separate purposes. Users can generally locate a code through their bank’s statements, website, app, or customer service, and should verify information with reliable sources. The material also notes that traditional SWIFT transfers can involve intermediary banks, delays, and fees, and promotes Airwallex as an alternative offering faster transfers, multi-currency management, lower or transparent costs, and transaction tracking.

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