What is SWIFT Code? Complete Guide for International Transfers
Everything you need to know about SWIFT/BIC codes for international wire transfers
SWIFT Code Overview
SWIFT (Society for Worldwide Interbank Financial Telecommunication) codes are unique identification codes used for international money transfers between banks worldwide.
SWIFT Code Structure Explained
Example: State Bank of India SWIFT Code
Bank Code (4 letters)
First 4 characters identify the bank. Example: SBIN = State Bank of India
Country Code (2 letters)
Next 2 characters show the country. Example: IN = India, US = United States, GB = United Kingdom
Location Code (2 letters/digits)
Next 2 characters indicate location. BB = Mumbai (for SBI). Can be letters or numbers.
Branch Code (3 letters/digits) - Optional
Last 3 characters identify specific branch. If not present (8-character code), refers to head office.
Note: SWIFT codes are also called BIC (Bank Identifier Code) or SWIFT-BIC. They're the same thing!
SWIFT Code vs IFSC Code
| Feature | SWIFT Code | IFSC Code |
|---|---|---|
| Full Form | Society for Worldwide Interbank Financial Telecommunication | Indian Financial System Code |
| Format | 8-11 characters | 11 characters |
| Usage | International transfers | Domestic Indian transfers |
| Scope | One per bank (globally recognized) | Unique for each branch |
| Example | SBININBB | SBIN0001234 |
| Issued By | SWIFT Organization | Reserve Bank of India (RBI) |
Use SWIFT Code When:
- ✓ Receiving money from abroad
- ✓ Sending money internationally
- ✓ International business transactions
- ✓ Wire transfers from foreign banks
Use IFSC Code When:
- ✓ NEFT/RTGS/IMPS transfers within India
- ✓ Adding beneficiary in net banking
- ✓ Domestic bank transfers
- ✓ All Indian online transfers
How to Find SWIFT Code?
Bank Statement
SWIFT code is usually printed on your bank statement, especially for accounts enabled for international transfers.
Bank's Website
Visit your bank's official website. Most banks list SWIFT codes in the 'Contact Us' or 'SWIFT Code' section.
Customer Service
Call your bank's customer service helpline and ask for the SWIFT code for international transfers.
Online Search
Search online using bank name + "SWIFT code" or use SWIFT code lookup websites.
Popular Indian Bank SWIFT Codes
State Bank of India
India's largest bank
SBININBB
HDFC Bank
Private sector leader
HDFCINBB
ICICI Bank
Leading private bank
ICICINBB
Axis Bank
Third largest private bank
AXISINBB
Punjab National Bank
Major public sector bank
PUNBINBB
Bank of Baroda
International presence
BARBINBB
Note: These are main SWIFT codes. Some banks may have different codes for specific branches or regions. Last 3 characters (XXX) can vary for branch-specific codes.
Information Needed for International Transfer
For Receiving Money from Abroad:
- • Your account number
- • Your bank's SWIFT code
- • Your bank's name and address
- • Your name (as per bank records)
- • Branch name and address
- • IFSC code (for India)
For Sending Money Abroad:
- • Recipient's account number
- • Recipient's bank SWIFT code
- • Recipient's bank details
- • Recipient's full name and address
- • Purpose of remittance
- • Your PAN card (for India)
Important Points to Remember
Transfer Charges
International wire transfers can be expensive. Check charges with both sending and receiving banks.
Processing Time
International transfers typically take 1-5 business days depending on countries and banks involved.
Exchange Rates
Banks apply their own exchange rates which may differ from market rates. Compare before transferring.
Verify Details
Always double-check SWIFT code and account details. Wrong details can delay or misdirect your transfer.
Need IFSC Code for Domestic Transfers?
For transfers within India, you'll need IFSC codes instead of SWIFT codes