HOW TO READ SWIFT CODE OR BIC CODE: |
e.g. e.g. HSBC BANK PLC, London SWIFT Code : MIDLGB22XXX
SWIFT CODE FORMAT: SWIFT Code is generally 8 or 11 characters long:
First 4 letters represents Institution Code or bank code. - MIDL GB22XXX
Next 2 letters represents: ISO 3166-1 alpha-2 country code. - MIDL GB 22XXX
Next 2 letters represents location code. - MIDLGB 22 XXX
Second character is 0": Then it is a test BIC as opposed to a BIC used on the live network.
Second character is 1": Then it denotes a passive participant in the SWIFT network
Second character is 2": Then it indicates a reverse billing BIC, where the recipient pays for the message as opposed to the more usual mode whereby the sender pays for the message.
Last 3 letters or digits represents branch code, optional (XXX for primary office) MIDLGB22 XXX
Where an 8-digit code is given, it may be assumed that it refers to the primary office.
What is SWIFT Code or BIC Code?
SWIFT is a standard format of Business Identifier Codes which is called as SWIFT code or BIC Code.
It is an unique identification code for both financial and non-financial institutions. Swift code is used while transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks.
SWIFT handles the registration of SWIFT codes across the world.