A SWIFT code (also known as a BIC - Bank Identifier Code) is an 8-11 character code that identifies banks and financial institutions globally. It's used for international wire transfers and SEPA payments.
You need a SWIFT code when sending or receiving international wire transfers. It helps identify the recipient's bank accurately.
No. SWIFT codes identify the bank, while IBANs identify individual bank accounts. For international transfers, you may need both.
XXX indicates the bank's head office. When a SWIFT code ends in XXX, it refers to the primary branch.
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