A SWIFT code, or a BIC (Business Identification Code), is a string of 8 or 11 characters that are assigned to banks by SWIFT. SWIFT, or the Society of Worldwide Interbank Financial Telecommunication, is a global messaging network that financial institutions and banks use to accurately, securely, and swiftly send/receive information.
SWIFT codes are often used for money transfers. They are needed when sending money between banks, especially for international wire transfers. Banks also use SWIFT codes to communicate with each other.
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