5 things to know about SWIFT code in banking

1.A SWIFT code is used by banks and financial Institutions to identify themselves globally
2.SWIFT code is mainly used to process international remittances or money transfers
3.SWIFT code is an alphanumeric code comprising bank code, country code, location code and specific branch code.
4.You need the beneficiary name, bank details, account number, along with SWIFT code, to make the transfer.
5.For transferring money within India, you need an IFSC code, not a SWIFT code.


Content on this page is courtesy Centre for Investment Education and Learning (CIEL).
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.