SWIFT Code / BIC
An international identification code for banks, crucial in cross-border transfers.
Detailed Description
SWIFT Code / BIC
What does SWIFT stand for?
SWIFT stands for Society for Worldwide Interbank Financial Telecommunication.
How many characters does a SWIFT Code typically have?
A SWIFT Code typically consists of 8 to 11 characters.
What is the main purpose of a SWIFT Code?
The main purpose of a SWIFT Code is to facilitate international banking transactions by uniquely identifying financial institutions.
Can a SWIFT Code be used for domestic transactions?
No, a SWIFT Code is specifically designed for international transactions.
What happens if an incorrect SWIFT Code is provided?
Providing an incorrect SWIFT Code can lead to funds being sent to the wrong bank or being delayed.