SWIFT is the organization responsible for registering codes for remittances to foreign banks. More than 8,100 banks in over 208 countries are currently using the code. This code is very important with every broker because international money transfers require a SWIFT code. In addition, having a SWIFT code will help make international money transfers faster and more secure.

What Is a Swift Code?

The SWIFT code (Society for World-Wide Interbank Financial Telecommunication) is a code for a bank or financial institution recognized worldwide.This code is utilized for sending and receiving messages such as international money transfer orders.

Meaning of Each Number in Swift Code

The SWIFT code is 8-11 characters long and is made up of letters and numbers such as BOFAUS3NXXX, which means:

- The 1st – 4th character is the code of that bank, for example, BOFA = BANK OF AMERICA.

- The 5th – 6th character is the country code, for example US = United States.

- The 7th - 8th letters are the city code, for example, 3N = New York.

- The last 3 characters are the branch code of a bank. Then, the location of the headquarters is XXX.

Conclusion

Not only is the SWIFT code essential for forex investors, but it is also considered a universal code that is essential for multinational businesses in all countries around the world.

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