– A SWIFT code is an international bank code that identifies particular banks worldwide. It’s also known as a Bank Identifier Code (BIC).
A SWIFT code consists of 8 or 11 characters.
SWIFT codes and BIC codes are the same thing and the terms are interchangeable. Other terms used by banks overseas include:
- CHIPS (Clearing House Inter-Bank Payment System) – US and Canada only
- NCC (National Clearing Code)
- BSC (Bank Sort Code)
- IFSC (Indian Financial System Code).
If you’re sending money to someone overseas, you’ll need to get the recipient’s SWIFT in order to do the transfer.
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