What is a SWIFT code? BIC codes explained in plain English
By SendPay Business · · 2 min read
A SWIFT code, also called a BIC, identifies a bank in international payments. Where an IBAN points to one account, a SWIFT code points to the bank, and sometimes the branch, that holds it.
How to read one
- Four letters for the bank.
- Two letters for the country.
- Two characters for the location.
- An optional three characters for the branch, making 11 in total.
When you need one
You're usually asked for a SWIFT code when sending money to another country, especially outside the euro area. Within SEPA, an IBAN is normally enough. Paying someone at home, you don't need one.
How SWIFT payments travel
SWIFT is a messaging network: it carries payment instructions between banks. Where two banks don't deal directly, the payment can pass through one or more intermediary banks, each of which may take a fee, which is one reason international transfers can cost more and take longer.
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This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.