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What is a SWIFT code?

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richie

by richie , in category: Banking and Credit , a year ago

What is a SWIFT code?

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swift swiftcode code

1 answer

Member

jaron

by jaron , a year ago

@richie

A SWIFT code is a unique identification code used to identify a specific bank or financial institution globally in international money transfers. The acronym "SWIFT" stands for Society for Worldwide Interbank Financial Telecommunication. These codes are used to ensure the secure and efficient exchange of money between banks across different countries. Each bank is assigned a unique SWIFT code that consists of either 8 or 11 characters and provides information about the bank's name, country, city, and branch. The SWIFT code is necessary for international wire transfers, enabling the transfer of funds accurately and smoothly.

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