SWIFT/BIC Codes for Money Transfers

When sending money across international borders, knowing the essentials isn’t just helpful—it’s crucial for ensuring your funds navigate the global banking network safely and efficiently.

Bank transfers

What is a SWIFT Code/BIC Code?

SWIFT/BIC codes are the global standard for identifying banks and financial institutions, ensuring that your international money transfers are executed flawlessly and land precisely where intended.

The terms SWIFT code (Society for Worldwide Interbank Financial Telecommunication) and BIC (Bank Identifier Code) refer to the same essential identifiers, each uniquely coding a bank down to its country, city, and specific branch with an 8 or 11-character alphanumeric sequence.

This pinpoint accuracy not only guarantees the security of each transaction but also streamlines the process, allowing funds to traverse the complex networks of global finance swiftly and without error.

How Do I Find My SWIFT Code/BIC Code?

Locating a SWIFT/BIC code is simpler than you might think:

Check the Bank’s Website: 

Most banks provide their SWIFT codes on their websites.

Bank Statements:

Look on your paper or online statements where the SWIFT code may be listed.

Contact Your Bank: 

If in doubt, call your bank directly to ask for the SWIFT/BIC code.

Swift code example

How is a SWIFT/BIC code formatted?

A SWIFT/BIC code consists of 8-11 characters and follows a format that identifies your bank, country, location, and branch. (ex. AAAA-BB-11-222)

 

1 – Bank code (4 letters)

The first four letters represent the bank and usually look like an abbreviated version of the bank name.

 

2 – Country code (2 letters)

These two letters indicate the country where the bank is located.

 

3 – Location code (2 letters or numbers)

These two characters designate the location of the bank’s main office.

 

4 – Branch code (3 digits)

These 3 digits identify a specific branch. ‘XXX’ is used for a bank’s head office.

Is a SWIFT Code the Same as a BIC Code?

Yes, SWIFT and BIC codes are interchangeable terms used to identify banks during international transactions. However, it’s crucial to understand how these differ from domestic financial codes:

Is a SWIFT Code the Same as a BSB?

Used primarily in Australia, a BSB code is a six-digit number that identifies the individual branch of a bank within Australia for domestic transactions. It’s necessary for transactions within the country but not suitable for international transfers.

Is a SWIFT Code the Same as a Routing Number?

Commonly used in the United States, a routing number is a nine-digit code that identifies a financial institution in a transaction. It appears on the bottom of checks and is also essential for domestic electronic transfers like direct deposits and bill payments. Unlike SWIFT/BIC codes, routing numbers are not used for international transfers.

Is a SWIFT Code the Same as an IBAN?

While not a direct equivalent, IBAN is often mentioned in discussions about international banking formats. Used primarily in Europe and many other countries, the IBAN includes a country code, check digits, and a bank and account number in a standardised format, facilitating international transfers by reducing the risk of errors.

Importance of Accurate SWIFT/BIC Codes

Using the correct SWIFT/BIC code is critical. Incorrect codes can lead to delayed transactions, additional fees, or the funds being returned to the sender. Always double-check the BIC/SWIFT code with your recipient and confirm it during the transaction process to ensure successful transfer.

Security Measures for SWIFT/BIC Codes

Western Union takes the security of your international transfers seriously. All information, including SWIFT/BIC codes, is protected through advanced encryption and security protocols. These measures ensure that your money and personal data remain safe from unauthorised access throughout the transaction process.

SWIFT/BIC Codes for International Money Transfer with Western Union

SWIFT/BIC codes are vital for Western Union’s overseas money transfer services, allowing quick and accurate processing of international transactions. Whether you are supporting family abroad, paying for services, or managing overseas investments, using the correct BIC/SWIFT codes ensures your money arrives safely and efficiently.

Understanding and using SWIFT/BIC codes correctly enhances your experience with Western Union, making global money transfers smoother and more secure. Start your transfer today, and send money overseas with confidence.

Need to send money to a country that uses a different currency? Check out our currency converter.

Frequently asked questions about SWIFT/BIC codes


What is a SWIFT code?

A SWIFT (Society for Worldwide Interbank Financial Telecommunications) code is an 8-11 character long, standard format code that identifies banks and financial institutions worldwide. Also called a SWIFT number, this code facilitates the transfer of money between banks and is needed for both international wires and SEPA payments.

What is a BIC code?

BIC stands for Bank Identifier Code. It is an 8 to 11-character code that identifies banks globally. BIC codes are used to send money between banks to ensure money is directed to the right place.

What’s the difference between SWIFT and BIC codes?

SWIFT and BIC codes mean the same thing and the terms are used interchangeably. Both SWIFT and BIC codes identify banks and financial institutions and are used for money transfers.

Are SWIFT codes and an IBAN the same thing?

SWIFT codes and an IBAN are not the same thing but serve a similar purpose. Both SWIFT codes and IBAN’s are used during international transactions, however, a SWIFT code identifies the location of a specific bank while an IBAN (International Bank Account Number) identifies the individual account.

Do you need a SWIFT code for international money transfers?

Yes, you will need a SWIFT code to make an international money transfer. This code helps ensure your money transfer arrives at the intended location.

How are SEPA and SWIFT/BIC codes connected?

SEPA (Single Europe Payments Area) allows you to transfer euros within the European community. You will usually be prompted to provide a SWIFT code when you send or receive money internationally with SEPA. While SWIFT transfers can be placed using various currencies, SEPA payments only transfer euros.

Is a SWIFT code the same for all branches?

This varies by bank. Some banks use the same SWIFT code for all their branches while other banks designate a unique SWIFT code for each branch. If you are unsure of which code to use, you can typically use the bank’s head office SWIFT code to send money.

Have a question or need help?

Have a question about how to send money? Contact our Customer Care team or visit our FAQ page for more information.

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