What is a SWIFT code?
A SWIFT code, formally a Business Identifier Code (BIC), is the 8 or 11 character code that identifies a bank or other institution in an international payment. It tells the sending bank which institution, in which country, should receive the money. Example (invented, for illustration only): EXMPUS33ABC, where EXMP identifies the institution, US the country, 33 the location and ABC an optional branch.
- The BIC is defined by the international standard ISO 9362, and Swift issues BICs in its role as the ISO registration authority.
- A BIC has 8 characters: a 4 character party prefix, a 2 letter ISO country code and a 2 character party suffix, plus an optional 3 character branch identifier.
- Connected BICs can exchange messages on the Swift network, while non-connected BICs are used for reference only.
- A SWIFT code identifies the bank, not the account, so a wire also needs the account number or IBAN and the beneficiary's exact name.
How a SWIFT code works
Swift is the network banks use to send each other payment instructions across borders. Each institution on it is identified by a BIC, which most people call a SWIFT code. The standard behind it is ISO 9362, and Swift issues BICs as the ISO registration authority. Swift describes the BIC as an international standard for routing business transactions and identifying business parties, and its network connects over 11,000 financial institutions.
The code has a fixed structure. The 8 character core is enough to identify an institution; the optional 3 character branch identifier points to a specific location, department or unit of the same institution, which gives the 11 character form.
| Part | Length | What it means | In the example EXMPUS33ABC |
|---|---|---|---|
| Business party prefix | 4 characters, letters or digits | Identifies the institution | EXMP |
| Country code | 2 letters (ISO 3166-1) | Country where the institution is located | US |
| Business party suffix | 2 characters, letters or digits | Location within the country | 33 |
| Branch identifier | 3 characters, optional | A specific branch, department or unit | ABC |
Source: Swift, Business Identifier Code (BIC); the example code is invented. As published on 29 October 2026.
Two kinds of BIC exist. Connected BICs have access to the Swift network and can send and receive payment messages. Non-connected BICs identify a party for reference only and cannot exchange messages on the network. Each BIC carries a data record with the institution's legal name and registered address, and Swift requires BIC owners to confirm that data at least once a year.
Where a business meets a SWIFT code
A business sees a SWIFT code in three places: on its own bank details, which it gives to buyers abroad; on a supplier's invoice or bank letter, when it pays abroad; and on the payment confirmation, which shows the banks a wire passed through.
A typical international payment instruction needs the beneficiary's name and address, the account number or IBAN, the beneficiary bank's SWIFT code and, for some currencies, an intermediary bank and its SWIFT code. A US company paying US account details does not need a SWIFT code at all: domestic US transfers use the routing number instead. Our SWIFT code lookup helps check a code before you pay.
Common mistakes with SWIFT codes
- Treating the code as an account number. The BIC identifies the bank only. The account still needs the account number or IBAN.
- Mixing up 8 and 11 character codes. Use exactly the code the beneficiary's bank gives for incoming payments. Some banks ask for a branch code; others use the 8 character core.
- Using a code copied from an old invoice or email. Fraudsters change bank details in emails. Confirm new or changed details by phone with a contact you already know.
- Forgetting the intermediary bank. For US dollar payments to some countries, the beneficiary's bank asks for its US correspondent's SWIFT code as well.
Related terms and how Helm handles it
A SWIFT code sits beside other identifiers. The IBAN identifies the account in Europe and many other countries; the ABA routing number identifies a bank for US domestic transfers; and the MT103 is the Swift message that carries a customer payment from bank to bank. When the two banks have no direct relationship, the payment passes through an intermediary bank.
Helm sends international payments by SWIFT and by local rails where available, with the rate, fee and expected arrival shown before you send. Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment.
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Is a SWIFT code the same as a BIC?
Yes. BIC stands for Business Identifier Code, defined by ISO 9362. SWIFT code is the common name, because Swift issues the codes as the ISO registration authority and uses them to address payment messages on its network.
How many characters does a SWIFT code have?
A SWIFT code has 8 characters: a 4 character institution prefix, a 2 letter country code and a 2 character location code. An optional 3 character branch identifier makes it 11 characters.
Does a SWIFT code identify my account?
No. It identifies the bank or institution only. An international payment also needs the beneficiary's account number or IBAN and the account name exactly as the bank holds it.
Do I need a SWIFT code for a payment inside the US?
No. ACH and Fedwire payments inside the United States use the nine digit ABA routing number and the account number. A SWIFT code is needed when a payment crosses borders.
Where do I find a bank's SWIFT code?
Ask the beneficiary for the code its bank uses for incoming international payments, usually shown on a bank letter or statement. Swift's BIC Directory lets you search registered codes.
References
- Swift: Business Identifier Code (BIC), ISO 9362
- Swift: What is a BIC code?
- Swift: Cross-border payments on Swift exceed the G20's processing speed target (22 August 2023)
- Nacha: FBI's IC3 finds almost $8.5 billion lost to business email compromise in last three years
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.