What is Swift Code?

Swift Code is used to identify banks around the world. It is an interchangeable term for BIC. It stands for Bank Identification Code which is used by swift system to identify specific bank & has 8 or 11 digits. Some banks, investment managers & dealers need swift code to make international wire transfer.

A BIC/SWIFT code is used to identify individual banks around the world. BIC and SWIFT code are interchangeable terms meaning the same thing.

  • BIC stands for 'Bank Identification Code' and is used by the SWIFT system to identify specific banks worldwide
  • A BIC has eight or 11 digits, depending on the bank in question.

Most Viewed Answers

There is absolutely no limit of sending money to India, provided you pay the required taxes. No limit on daily and monthly transaction. only money sending have limit for sending amount for indivi…

The legal limit to carry cash currency in US Dollars from India to USA is USD 3000 per person per trip. However, you can carry up to US $10,000 in form of currency notes, Travelers check, etc. wi…

Import: Currency Regulations in India Local Currency (INR) - Any person resident in India, who had gone out of India on a temporary visit, may bring into India at the time of his return from…

Related Articles

House Property and NRI Account in India- Does FATCA Apply?

As a Non Resident Indian and under the Income tax law of India, the NRI is not taxable in India for any of his income which he earns outside…

FATCA MOU with India – A Boon or Burden?

Foreign Account Tax Compliance Act (FATCA) is a US legislation aimed at combating tax evasion. Under this legislation, you will have to decl…

Banking Services for NRI’s: Introduction

When one moves out of India, the first thing they do is to open a bank account in India for themselves as Non Residents. Rightly so, they ca…

Go Mobile

Get the Best Exchange Rates, Important Remittance Information and
Special Promotion Alerts on the go! Download Our Mobile App on your Smartphone or Smartwatch.

google play apple app store