What is a SWIFT code?

A SWIFT code is an 8 or 11 character identifier that points to a specific bank in the international payments network. Also called a BIC, it tells the sending bank where to route a cross-border transfer. It identifies the bank, not your personal account.

How it works

The format is defined by the international standard ISO 9362. Each part has a job:

• Bank code (4 letters). Identifies the bank.
• Country code (2 letters). The ISO country of the bank.
• Location code (2 letters or digits). Usually the city or head office.
• Branch code (3 characters, optional). Identifies a branch. “XXX” or no branch code means the primary office.

So a code is 8 characters when it names the main office and 11 when it names a branch. Unlike an IBAN or a US routing number, a BIC has no check digits, so a typo may not be caught until the payment fails or lands in the wrong place. Always copy it from your bank rather than retyping it.

When a client abroad pays you by wire, their bank asks for your SWIFT code and your account details. In Europe that second piece is the IBAN. In the US it is your account number, and for domestic payments the routing number replaces SWIFT. Intermediary banks may take fees from the amount, so the sum you receive can be lower than the invoice total.

Example

A freelance developer in the US invoices a client in Germany for USD 3,000. The payment block on the invoice should give the client everything their bank needs. This sample uses fake values.

Use the invoice generator to add these payment details to a PDF today. If you bill in several currencies, read about multi-currency invoicing, which is in development for PayToMe.

Related terms

• IBAN: the account number format used across Europe and many other countries.
• Routing number: the US domestic bank identifier.
• SEPA direct debit: euro collections that use IBANs rather than SWIFT.
• Remittance advice: the notice that matches a payment to an invoice.