What is SWIFT Code?

Swift code means its an short form of society for worldwide inter bank financial telecommunications. This is unique code which is mainly used to transfer the money between two banks,especially in case of international wire transfer method.

All the banks may not be having swift code to transfer the money to international  banks and in this kind of scenario we can use swift code of near by bank by providing proper account number and IFSC code and account name.

To explain more about how swift code works. Lets take the example of simple money transfer from US to India. The person who transfer the money in the form of US dollars and this money cannot be directly credited  in INR account. So now the money comes to the swift code which we provided and they will apply the current conversion rate then convert to INR equivalent then transfer it to actual account of yours. Swift code mainly works for rate conversion between two currencies

Swift codes follows certain standards . Lets take same swift code below


First four letters Bank Code (SBNN)
Next two letters are country code (IN)
Next two letters are location code (KK)
Last three letters branch code (111)


  1. Swift code is used for money transfers between two different banks that are a member of the swift network. The swift codes for banks may also be known as a Business Entity Identifier or BEI if assigned to a non-financial organization.

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