The city or location (for example MM for Milan). 
The institution (for example RZBR for Raiffeisen Bank). As you may have noticed, you are asked for this code every time you make a money transfer overseas.Ī SWIFT code (also called a BIC code) is unique to each financial organization and contains 8 or 11 characters identifying: These payment orders are sent using standardized codes (SWIFT codes) which ensure that your money gets to the right destination. SWIFT functions as a messaging network, in the sense that banks ‘communicate’ payment instructions or orders between bank accounts rather than delivering actual funds. Having been around for the past 50 years, SWIFT has become the standard way to move money between banks anywhere in the world. The network has more than 11,000 member institutions worldwide, such as banks and other financial organizations like exchanges or clearinghouses. SWIFT Payment is the acronym of the Society for Worldwide Interbank Financial Telecommunication. 
What is SWIFT?Ī SWIFT transfer is an international money transfer done via the SWIFT network.
With more than 35 million transactions carried out through its network every day, SWIFT is one of the most common ways to transfer money internationally.īut how does SWIFT work behind the scenes and, more importantly, is it the best way for you to send money abroad? In this article, we explore what SWIFT is, its pros and cons, and better alternatives for international money transfers. The Society for Worldwide Interbank Financial Telecommunications, commonly known as SWIFT, provides a secure, standardized network environment that allows financial institutions worldwide to exchange information about financial transactions.
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