Okuzeka
Finance & Banking vocabulary · Payments & Cards

SWIFT code

Meaning in finance & banking, with examples

nounCommon term

In finance & banking, SWIFT code means: A code of 8 or 11 letters and numbers that identifies a specific bank, and sometimes a branch, in international payments. It is also called a BIC.

In Turkish: SWIFT kodu, BIC kodu

How it is used

Needed for most international transfers, together with the IBAN. The code shows the bank, the country and the location; the last three characters, if present, show the branch. SWIFT itself is the global network banks use to send payment messages, so people also talk about 'SWIFT messages' and 'SWIFT transfers'.

Example sentences

  1. To receive money from abroad, give the sender your IBAN and our SWIFT code.

  2. The transfer was rejected because the SWIFT code did not match the beneficiary bank.

Common collocations

  • SWIFT code
  • SWIFT/BIC
  • SWIFT message
  • SWIFT transfer
  • IBANShort for International Bank Account Number: a standard code of up to 34 letters and digits that identifies a bank account for domestic and cross-border transfers.
  • wire transferAn electronic transfer of money from one bank account to another, often between different banks or countries.
  • beneficiaryThe person or company that receives money from a payment, a letter of credit, an insurance policy or a will.
  • correspondent bankA bank that provides services, such as making payments or handling trade documents, for another bank in a country or currency where that bank has no presence.

More terms: Payments & Cards

Practise with graded reading

Reading at the right level is the fastest way to make new words stick. Pick free English books by level:

This page explains English vocabulary for learners. It is not financial advice.