What is a SWIFT code? BIC codes explained in plain English
By SendPay Business · · 2 min read
- 1Start from the UK
- 2Send to the countries you choose
- 3It arrives in their own currency
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.
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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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Questions people ask
How do international transfers work?
The guide follows a payment from start to finish.
How international transfers work →Read next
Spotted a mistake or something out of date? and we'll fix it. How our guides are made
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. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.