SWIFT code
- how to read
- How to read in Japanese: SWIFT code
- synonyms
- antonym
SWIFT code is a financial institution identification code established by SWIFT (Society for Worldwide Interbank Financial Telecommunications) and is used by the sending bank to identify the receiving bank. It is also known as a “SWIFT address” or “BIC code”.
SWIFT codes consist of 8 or 11 alphabetic and numeric digits and are assigned to banks around the world that handle international money transfers.
By having the receiver enter the SWIFT code along with the account number, the sending bank can know the location, bank name, and branch name of the receiving bank.
By combining these bank details, which must be entered at the time of remittance, into a code, the sending bank can make international remittances quickly and accurately.