SWIFT helps identify a bank or financial institution and is usually 8 or 11 characters. It is also known as SWIFT code, SWIFT ID, Bank Identifier Code (BIC) & ISO 9362 code. These codes are usually used when sending and receiving money between financial institutions.
The SWIFT code can be broken down as such:
First 4 characters – bank or financial institution code (only letters)
Next 2 characters – ISO 3166-1 alpha-2 country code (only letters)
Next 2 characters – location code (letters and digits)
Last 3 characters – branch code, optional (letters and digits) (‘XXX’ for primary office)