SWIFT Code VFXXPTP1XXX: All You Need To Know
VFXXPTP1XXX is a SWIFT Code used in Portugal for sending and receiving international wire transfers and payments from and to various countries. Here is everything you need to know about SWIFT Code VFXXPTP1XXX and how it enables global banking in Portugal.
SWIFT Code VFXXPTP1XXX
VFXXPTP1XXX is a SWIFT Code used by VFX FINANCIAL PLC in Portugal. Here is everything you need to know about VFXXPTP1XXX.
VFX FINANCIAL PLC SWIFT Code VFXXPTP1XXX Format And Parts
VFXXPTP1XXX captures a lot of useful information packed in it, and the below tables breaks down its constituent parts into its sub-parts.
Notice how VFXXPTP1XXX comprises of its individual pieces related to bank, country, location and branch code. In that regard, VFXXPTP1XXX complies with the ISO 9362:2014 standard that defines SWIFT Code format.
| SWIFT Code / BIC Code (8 characters) | VFXXPTP1 |
| SWIFT Code / BIC Code (11 characters) | VFXXPTP1XXX |
| Bank Name | VFX FINANCIAL PLC |
| Bank Address | EDIFICIO OCEANARIO RESIDENCE BLOCO C, LOJA L AV. AFONSO HENRIQUES PORTIMAO PORTUGAL |
| Country | Portugal |
| Bank Code | VFXX |
| Country Code | PT |
| Location Code | P1 |
| Branch Code | XXX |
The below diagram shows the sub-parts of a SWIFT Code (like VFXXPTP1XXX).
If we apply the above formatting guidelines to VFXXPTP1XXX, we get the below breakdown:
- Bank Code: VFXX
- Country Code: PT
- Location Code: P1
- Branch Code: XXX
VFX FINANCIAL PLC SWIFT Code VFXXPTP1XXX adheres to the SWIFT Code specification, and carries highly useful information in its format and constituent sub-parts. This helps route funds efficiently from and to VFX FINANCIAL PLC in Portugal.
Even though we strive our best to ensure VFX FINANCIAL PLC SWIFT Codes (like VFXXPTP1XXX) are up to date on our website, we still recommend that you validate them with VFX FINANCIAL PLC before using the same.
To ensure you have latest information, make sure you double check your VFX FINANCIAL PLC SWIFT Code VFXXPTP1XXX before using it.
There are many uses of SWIFT Codes - sending or receiving money internationally is one of the main ones. If you need to send money internationally, be aware that banks generally charge high fees and provide low exchange rates.
In contrast, money transfer companies give better rates and charge low fees as compared to banks.
SWIFT Codes For Various Banks in Portugal
Here is a list of SWIFT Codes used in Portugal in a table format. All of these SWIFT Codes for Portugal are alphabetically sorted for easier searching and lookup.
| SWIFT Code | Bank Name |
|---|---|
| ACTVPTPLXXX | BANCO ACTIVOBANK, S.A. |
| AGPPPTPPXXX | ASCENDI, SGPS, S.A. |
| AIFCPTP1XXX | ATRIUM INVESTIMENTOS- SOCIEDADE FINANCEIRA DE CORRETAGEM, SA |
| ALPOPTP1XXX | COMPANHIA DE SEGUROS ALLIANZ PORTUGAL, S.A. |
| APSVPTP1XXX | AGEAS PORTUGAL - COMPANHIA DE SEGUROS DE VIDA S.A. |
| ASAOPTPPXXX | ROVENSA, S.A. |
| AUOEPTP1XXX | VOLKSWAGEN AUTOEUROPA, LDA |
| AVPEPTP1XXX | VOLKSWAGEN GROUP SERVICES, UNIPESSOAL, LDA |
| AXLPPTP1XXX | AXA INVESTMENT MANAGERS (AXA IM) |
| BAIPPTPLXXX | BANCO BAI EUROPA, SA |
| BAPAPTPLXXX | BANCO ATLANTICO EUROPA, SA |
| BARCPTPCXXX | BARCLAYS BANK IRELAND PLC - SUCURSAL EM PORTUGAL |
| BBLAPTP1XXX | BANCO DE BOSTON LATINO AMERICANO S.A. |
| BBPIPTPLXXX | BANCO BPI, S.A. |
| BBRUPTPLXXX | ING BANK NV, SUCURSAL EM PORTUGAL |
| BBVAPTPLXXX | BANCO BILBAO VIZCAYA ARGENTARIA S.A., SUCURSAL EM PORTUGAL |
| BCOEPTP2XXX | CAJA RURAL DEL SUR, SOCIEDAD COOPERATIVA DE CREDITO - SUCURSAL EM PORTUGAL |
| BCOMPTPLXXX | BANCO COMERCIAL PORTUGUES S.A. |
| BDIGPTPLXXX | BANCO DE INVESTIMENTO GLOBAL S.A. |
| BESAPTPAXXX | NOVO BANCO DOS ACORES, SA |
| BESCPTPLXXX | NOVO BANCO, SA |
| BESZPTPLXXX | BEST- BANCO ELECTRONICO DE SERVICO TOTAL S.A. |
| BFIAPTPLXXX | BANCO FINANTIA S.A |
| BGALPTPLXXX | BANCO DE PORTUGAL |
| BGALPTTGXXX | BANCO DE PORTUGAL |
| BHODPTPLXXX | BIAL - HOLDING, S.A. |
| BIFDPTP1XXX | BBVA INSTITUICAO FINANCEIRA DE CREDITO S.A |
| BKBKPTPLXXX | BANKINTER SA- SUCURSAL EM PORTUGAL |
| BKCHPTPLXXX | BANK OF CHINA ( EUROPE) S.A. LISBON BRANCH-SUCURSAL EM PORTUGAL |
| BLJCPTPTXXX | BANCO L.J. CARREGOSA, S.A. |
| BNFIPTPLXXX | BISON BANK, S.A. |
| BNICPTPLXXX | BNI - BANCO DE NEGOCIOS INTERNACIONAL (EUROPA), S.A. |
| BNPAPTPLXXX | BNP PARIBAS |
| BNPAPTPPXXX | BANCO BNP PARIBAS PERSONAL FINANCE, S.A. |
| BOTKPTP1XXX | BANK OF TOKYO-MITSUBISHI UFJ, LTD., THE |
| BPGAPTP1XXX | BPI GESTAO DE ACTIVOS |
| BPGPPTPLXXX | BANCO PORTUGUES DE GESTAO, S.A. |
| BPNPPTPLXXX | BANCO BIC PORTUGUES, S.A. FLOOR 5 |
| BPWMPTP1XXX | BNP PARIBAS WEALTH MANAGEMENT SA - SUCURSAL EM PORTUGAL |
| BRASPTPLXXX | BANCO DO BRASIL AG SUCURSAL EM PORTUGAL |
| BSABPTPLXXX | BANCO DE SABADELL S.A., SUCURSAL EM PORTUGAL |
| CAEOPTP1XXX | CAIXA ECONOMICA SOCIAL |
| CAEPPTP1XXX | CAIXA ECONOMICA DO PORTO ANEXA A A BENEFICENCIA FAMILIAR- ASSOCIACAO DE SOCORROS MUTUOS |
| CAGLPTPLXXX | ABANCA CORPORACION BANCARIA, SA, SUCURSAL EM PORTUGAL |
| CAOGPTP1XXX | CAIXA AGRICOLA GESTIONE |
| CCCHPTP1XXX | CAIXA DE CREDITO AGRICOLA MUTUO DA CHAMUSCA, C.R.L |
| CCCMPTPLXXX | CAIXA CENTRAL CREDITO AGRICOLA MUTUO |
| CCIEPTP1XXX | ST- GALLER KANTONALBANK AG SUCURSAL EM PORTUGAL |
| CDCTPTP2XXX | CAIXA DE CREDITO AGRICOLA MUTUO DE LEIRIA, CRL |
| CDOTPTP1XXX | CAIXA DE CREDITO AGRICOLA MUTUO DE MAFRA CRL |
| CDOTPTPPXXX | CAIXA DE CREDITO AGRICOLA MUTUO DE MAFRA CRL |
| CEARPTP1XXX | CAIXA ECONOMICA DA ASSOCIACAO DE SOCORROS MUTUOS |
| CEMAPTP2XXX | CAIXA ECONOMICA DA MISERICORDIA DE ANGRA DO HEROISMO |
| CERTPTP1XXX | CAIXA DE CREDITO AGRICOLA MUTUO DE BOMBARRAL CRL |
| CETMPTP1XXX | BANCO BNP PARIBAS PERSONAL FINANCE, S.A. |
| CFFIPTP1XXX | COFIDIS |
| CGDIPTPLXXX | CAIXA GERAL DE DEPOSITOS |
| CGPSPTPPXXX | CASAISINVEST - GESTAO DE PARTICIPACOES SOCIAIS, SGPS S.A. |
| CIEDPTP1XXX | 321 CREDITO INSTITUICAO FINANCEIRA DE CREDITO S.A. |
| CISFPTP1XXX | BANCO COMERCIAL PORTUGUES |
| CITIPTP1XXX | CITIBANK EUROPE PLC PORTUGAL BRANCH |
| CITIPTPXXXX | CITIBANK EUROPE PLC PORTUGAL BRANCH |
| CMACPTP1XXX | BANCO COMERCIAL DE MACAU S.A |
| COOGPTP1XXX | ARC RATINGS, S.A. |
| CPHLPTPLXXX | CIMPOR PORTUGAL HOLDINGS, SGPS, S.A. |
| CRBBPTP1XXX | BANCO CREDIBOM, SA |
| CROMPTP1XXX | CAIXA DE CREDITO AGRICOLA MUTUO DE ALJEZUR CRL |
| CRRCPTP1XXX | BANCO BNP PARIBAS PERSONAL FINANCE S.A. |
| CRRSPTP1XXX | BANCO COMERCIAL PORTUGUES S.A. |
| CSULPTP1XXX | CRYPTEEX - SGPS, UNIPESSOAL LDA |
| CTCUPTP1XXX | CAIXA DE CREDITO AGRICOLA MUTUO DE VILA DO BISPO CRL |
| CTGFPTP1XXX | CAIXA GESTAO DE ATIVOS SOCIEDADE GESTORA FUNDOS DE INVESTIMENTO, S.A. |
| CTIUPTP1XXX | CAIXA DE CREDITO AGRICOLA MUTUO DE TORRES VEDRAS, C.R.L. |
| CTIUPTPPXXX | CAIXA DE CREDITO AGRICOLA MUTUO DE TORRES VEDRAS, C.R.L. |
| CTLOPTP1XXX | CAIXA DE CREDITO AGRICOLA MUTUO DOS ACORES CRL |
| CTLUPTP1XXX | CAIXA DE CREDITO AGRICOLA MUTUO DE TERRAS DE VIRIATO, CRL |
| CTTPPTP1XXX | CTT-CORREIOS DE PORTUGAL, S.A. |
| CTTVPTPLXXX | BANCO CTT, S.A. |
| CXBIPTPLXXX | CAIXA BANCO DE INVESTIMENTO, S.A |
| DBRCPTP1XXX | DIF BROKER- SOCIEDADE FINANCEIRA DE CORRETAGEM, SA |
| DEUTPTPLXXX | DEUTSCHE BANK AG PORTUGAL BRANCH |
| EBPNPTP1XXX | EBURY PARTNERS UK LIMITED |
| EDEPPTPPXXX | EDP - ENERGIAS DE PORTUGAL S.A. |
| EFIMPTP1XXX | GNB - SOCIEDADE GESTORA DE FUNDOS DE INVESTIMENTO IMOBILIARIO, S.A. |
| EPOSPTPPXXX | EFACEC POWER SOLUTIONS SGPS S.A. |
| ESDEPTP1XXX | HAITONG BANK, S.A. |
| ESFPPTP1XXX | GNB - SOCIEDADE GESTORA DE FUNDOS DE PENSOES S.A |
| ESGPPTP1XXX | ESAF - ES GESTAO DE PATRIMONIOS, SA |
| ESSIPTPLXXX | HAITONG BANK, S.A. |
| EXATPTP1XXX | BANCO COMERCIAL PORTUGUES S.A. |
| FADIPTPPXXX | FASHION DIVISION S.A |
| FCEFPTP1XXX | FCE BANK PLC |
| FCPIPTP1XXX | FCA CAPITAL PORTUGAL INSTITUICAO FINANCEIRA DE CREDITO SA |
| FENAPTPPXXX | FLOENE ENERGIAS, S.A. |
| FGCAPTP1XXX | FUNDO DE GARANTIA DE CREDITO AGRICOLA MUTUO |
| FICCPTP1XXX | PATRIS CORRETORA S.A. |
| FIDEPTP2XXX | FIDELIDADE - COMPANHIA DE SEGUROS, S.A. |
| FIVRPTP1XXX | MONTEPIO VALOR - SOCIEDADE GESTORA DE FUNDOS DE INVESTIMENTO, S.A. |
| FPEAPTP2XXX | FINANCIERE DES PAIEMENTS ELECTRONIQUE SAS - SUCURSAL EM PORTUGAL |
| FUGDPTP1XXX | FUNDO DE GARANTIA DE DEPOSITOS |
| FURSPTP1XXX | FUNDO DE RESOLUCAO |
| GAEGPTPPXXX | GALP ENERGIA, SGPS S.A. |
| GAFSPTP1XXX | MONTEPIO GESTAO DE ACTIVOS - SOCIEDADE GESTORA DE FUNDOS DE INVESTIMENTO, S.A. |
| GASGPTP1XXX | IM GESTAO DE ATIVOS SOCIEDADE GESTORA DE FUNDOS DE INVESTIMENTO SA |
| GBSCPTP1XXX | GOLDEN BROKER SOCIEDADE CORRETORA SA |
| GRPGPTPPXXX | GRUPO PESTANA - S.G.P.S. S.A. |
| HOVFPTPTXXX | HOVIONE FARMACIENCIA SA |
| IBLSPTPPXXX | INTERBOLSA - S.G.S.L.S.C.V.M., S.A. |
| IBNBPTP1XXX | BANCO SANTANDER CONSUMER PORTUGAL SA |
| IFLDPTP2XXX | IFTHENPAY LDA |
| IGCPPTPLXXX | AGENCIA DE GESTAO DA TESOURARIA E DA DIVIDA PUBLICA, IGCP EPE |
| IGFCPT21XXX | IGFCSS |
| INIOPTP1XXX | BANCO DE INVESTIMENTO IMOBILIARIO SA |
| IPAGPTPLXXX | IPAGOO LLP PORTUGAL BRANCH |
| ISGAPTP1XXX | INVESTQUEST SOCIETA GESTORA PATRIMONIOS |
| ISPRPTPLXXX | IVN - SERVICOS PARTILHADOS, S.A. |
| ITAUPTPPXXX | ITAU BBA EUROPE, S.A. |
| ITCAPTP1XXX | BIZ VALOR - SOCIEDADE CORRETORA, S.A. |
| IVVSPTPLXXX | BANCO INVEST, SA |
| JERGPTPLXXX | JERONIMO MARTINS SGPS, S.A |
| LBSCPTP1XXX | LISBON BROKERS SOCIEDADE CORRETO RA S.A. |
| LIPDPTP2XXX | LUSOPAY INSTITUICAO DE PAGAMENTO, LDA |
| LLIUPTP2XXX | DE LAGE LANDEN INTERNATIONAL B.V. SUCURSAL EM PORTUGAL |
| LPSCPTP1XXX | LUSO PARTNERS - SOCIEDADE CORRETORA SA |
| MAPGPTP1XXX | CARAVELA-COMPANHIA DE SEGUROS, S.A. |
| MASNPTP1XXX | BANCO MADESANT - SOCIEDADE UNIPESSO AL SA |
| MBGFPTP1XXX | IM GESTAO DE ATIVOS SOCIEDADE GESTORA DE FUNDOS DE INVESTIMENTO SA |
| MEIIPTP1XXX | BANCO ACTIVOBANK, S.A. |
| MEIMPTP1XXX | BANCO COMERCIAL PORTUGUES S.A. |
| MEOLPTP1XXX | BANCO COMERCIAL PORTUGUES S.A. |
| MIISPTP1XXX | BANCO COFIDIS, SA |
| MPIOPTPLXXX | CAIXA ECONOMICA MONTEPIO GERAL, CAIXA ECONOMICA BANCARIA, S.A |
| NRRSPTPPXXX | NORS GROUP, S.A |
| OGEUPTPMXXX | OFERTA GENUINA, S.A. |
| OMICPTPLXXX | OMICLEAR, C.C., S.A. |
| ONIFPTP1XXX | ONEY-INSTITUICAO FINANCEIRA DE CREDITO S.A. |
| OVSCPTP1XXX | OREY FINANCIAL-INSTITUICAO FINANCEIRA DE CREDITO, S.A. |
| PANXPTP2XXX | UNIFIEDPOST PAYMENTS - BRANCH IN PORTUGAL |
| PAYYPTP1XXX | PT PAY SA |
| PCBIPTP1XXX | CREDITO AGRICOLA DEALER - S.F.C. |
| PETGPTP1XXX | PORTUGUESE EMISSION TRADING REGISTRY |
| PEXSPTP1XXX | PEXSETTLE |
| PGPAPTP1XXX | BMO PORTUGAL, GESTAO DE PATRIMONIOS, S.A |
| PMTSPTP1XXX | MTS PORTUGAL SGMR, SA |
| POTCPTPTXXX | THE NAVIGATOR COMPANY SA |
| PRIBPTPXXXX | EDMOND DE ROTHSCHILD EUROPE - SUCURSAL PORTUGUESA |
| PRUUPTP1XXX | BANCO PRIMUS, S.A. |
| PSABPTP1XXX | BANQUE PSA FINANCE |
| PSTIPTPMXXX | PAUL STRICKER, S.A. |
| RBOSPTP1XXX | THE ROYAL BANK OF SCOTLAND N.V. - SUCURSAL EM PORTUGAL |
| RENCPTPLXXX | REN - REDE ELECTRICA NACIONAL, SA |
| REVOPTP2XXX | REVOLUT BANK UAB - SUCURSAL EM PORTUGAL |
| SAGCPTP1XXX | SANTANDER GESTAO DE ACTIVOS |
| SECTPTP1XXX | SAMSUNG-ELECTRONICA PORTUGUESA S.A. |
| SGFEPTP1XXX | SOCIEDADE GESTORA DOS FUNDOS DE PENSOES DO BANCO DE PORTUGAL S.A. |
| SGFPPTPLXXX | SOCIEDADE GESTORA DOS FUNDOS DE PENSOES DO BANCO DE PORTUGAL S.A. |
| SIAOPTP1XXX | SIBS PAGAMENTOS, S.A. |
| SIEOPTPPXXX | SIERRA PORTUGAL, S.A. |
| SISRPTP1XXX | SIBS FORWARD PAYMENT SOLUTIONS SA |
| SISRPTPLXXX | SIBS FORWARD PAYMENT SOLUTIONS SA |
| SONVPTP1XXX | SFS-FINANCIAL SERVICES, IME, SA |
| SORPPTPLXXX | SOVENA GROUP - SGPS S.A. |
| TBPTPTP1XXX | X-TRADE BROKERS D.M. S.A. |
| TOTAPTPLXXX | BANCO SANTANDER TOTTA, SA |
| UIFCPTP1XXX | UNICRE - INSTITUICAO FINANCEIRA DE CREDITO, S.A. |
| UIFCPTPTXXX | UNICRE - INSTITUICAO FINANCEIRA DE CREDITO, S.A. |
| UNNGPTP2XXX | UNICAMBIO - INSTITUICAO DE PAGAMENTO, S.A. |
| UVBDPTP1XXX | UNIVERSO-BANCO DIRECTO |
| VFXXPTP1XXX | VFX FINANCIAL PLC |
| VPAYPTP2XXX | VIVA PAYMENT SERVICES S.A. SUCURSAL EM PORTUGAL |
| WZNKPTPLXXX | WIZINK BANK S.A.U. SUCURSAL EM PORTUGAL |
| XBDPPTP1XXX | BOLSA DE DERIVADOS DO PORTO |
| XLISPTP1XXX | EURONEXT LISBON - SOCIEDADE GESTORA DE MERCADOS REGULAMENTADOS S.A. |
| ZURIPTPLXXX | ZURICH-COMPANHIA DE SEGUROS S.A. |
Are You Looking For SWIFT Codes For Banks And Financial Institutions?
We have compiled the list of countries with SWIFT Codes for various Banks, Credit Unions and Financial Institutions. Click on your country below to see the correct SWIFT Codes for various financial institution in your country.
The below list of countries is alphabetically sorted so it is easier for you to find your country in this list.
How To Find The SWIFT Code or BIC Code For My Bank?
If you wish to make an international wire transfer from one bank to another, you will need the SWIFT Code (also called the BIC Code) for the recipient bank. Here are some easy ways using which you can find the SWIFT/BIC Code for your bank:
- By calling your bank to ask for their SWIFT Code.
- By logging in to their mobile app or website.
- By checking the FAQs or wire transfer section of your bank's website.
- By check the hard copy of your bank account statement.
- By searching online registries of SWIFT/BIC codes.
- By using RemitFinder's SWIFT/BIC Code registry.
You can use your bank to send and receive funds internationally, there are many other easy ways to do so. Banks often charge high fees and provide low exchange rates for international wire transfers. A better option is to use international money transfer companies to get the best exchange rates and pay low transfer fees.
What Is The Format Of A SWIFT Code or BIC Code?
SWIFT and BIC Codes comply with the 9362:2014 standard that defines their format. As per this specification, a SWIFT or BIC code is a unique 8-character combination (or 11-character when it also contains a bank branch code).
Each set of these 8 or 11 characters provide useful information about the organizations involved in an international wire transfer. The constituent characters in SWIFT and BIC Codes follow a certain specified order in their arrangement and have the following important sub-parts:
- The first 4 characters (only letters) represent the bank or financial organization identification code.
- The next 2 characters (only letters) capture the ISO2 country reference code where the bank is located.
- The next 2 characters (letters & numbers) stand for the area/city code where the bank or the financial organization is located.
- The last 3 characters (numbers & letters) are reserved for an optional reference code that specifies the exact division, branch, office or administration unit of the concerned financial institution.
SWIFT or BIC Codes are 8 or 11 character long and contain information about the bank, country, area/city and branch code for the particular financial institution.
Here is a diagram that captures the structure of a SWIFT or BIC Code in a pictorial format.
The application of the above guideline to VFXXPTP1XXX provides the below constituent parts:
1) Bank Code: VFXX
2) Country Code: PT
3) Location Code: P1
4) Branch Code: XXX
There are a lot more details about SWIFT Codes and BIC Codes. If you are interested in learning more, check out our comprehensive guide on IBANs, SWIFT Codes and BIC Codes below.
Frequently Asked Questions About SWIFT Codes
What Is VFXXPTP1XXX?
VFXXPTP1XXX is a SWIFT Code, also called BIC Code, and is used by VFX FINANCIAL PLC located in Portugal.
What Is VFXXPTP1XXX Used For?
VFXXPTP1XXX is used for sending and receiving international wire transfers using the SWIFT network from and to bank accounts held at VFX FINANCIAL PLC in Portugal.
Which Bank Uses VFXXPTP1XXX?
VFXXPTP1XXX is a SWIFT Code used by VFX FINANCIAL PLC located at EDIFICIO OCEANARIO RESIDENCE BLOCO C, LOJA L AV. AFONSO HENRIQUES PORTIMAO PORTUGAL. VFX FINANCIAL PLC is a financial institution in Portugal.
Are There Variants Of VFXXPTP1XXX?
Yes, you can use either the 8-character version or the 11-character version of SWIFT Code VFXXPTP1XXX – these are VFXXPTP1 and VFXXPTP1XXX, respectively. The 11-character version, VFXXPTP1XXX, supplements the 8-character version, VFXXPTP1, by adding the 3-character branch code XXX.
What Information Does VFXXPTP1XXX Contain?
VFXXPTP1XXX is a SWIFT Code, also called BIC Code, and carries the following information in its format and structure - Bank Code VFXX, Country Code PT, Location Code P1 and Branch Code XXX.
How Can I Find SWIFT Codes For Banks In Portugal?
There are various ways to find SWIFT Codes for various banks in Portugal. These include looking at your bank account statement, calling your bank, checking online SWIFT Bank registry sites or relying on RemitFinder's SWIFT Code lookup tool.
How Many Banks Have SWIFT Codes In Portugal?
There are numerous banks that use SWIFT Codes In Portugal. Check out the table presented earlier on this page to check out SWIFT Codes used by various banks in Portugal.
What Is A SWIFT Code?
A SWIFT Code is globally unique number for a financial organization and serves as a global messaging address for that organization. SWIFT Codes are issued, managed and maintained by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), an association that maintains a global finance-related data-sharing network.
What Is A SWIFT Code Used For?
Since a SWIFT Code is a unique ID for a financial institution, it is extremely helpful in routing money accurately. As a result, SWIFT Codes are used to process international wire transfers, a mechanism to send money from one bank to another anywhere in the world.
What Is A BIC Code?
A BIC (Business Identifier Code) is a unique identification number comprising of eight digits and letters (or 11 if the bank branch ID is also included) that helps to unambiguously identity a financial institution worldwide. BICs are primarily used as messaging addresses for the financial organizations participating in global payments and financial transactions.
Are BIC And SWIFT Codes Different?
No, BIC and SWIFT Codes are not different from each other, but represent the same concept. In addition to being called SWIFT Codes and BIC Codes, these codes are also known by some other common names like SWIFT ID/address and SWIFT-BIC. The SWIFT network relies on SWIFT Codes and BIC Codes for seamless and accurate movement of money and payments across the world.
What Is The Format Of A SWIFT Or BIC Code?
A SWIFT or BIC code is a unique 8 digits-letters combination (or 11 when it also contains a bank branch code) and contains the following sub-parts: the first 4 characters (only letters) represent the bank or organization identification code, the next 2 characters (only letters) capture the ISO2 country reference code, the next 2 characters (letters & numbers) signify the area/city code where the bank or the financial organization is headquartered and the last 3 characters (numbers & letters) are reserved for an optional reference code that specifies the exact divisions, offices or administration units of the concerned financial institution.
How Can I Find The SWIFT Code For My Bank?
To find your bank's SWIFT Code, you can check your bank account statement, call your bank, visit their website, search on the internet or check out RemitFinder's free SWIFT Code lookup tool.
Is There A Better Alternative To International Wire Transfers?
International wire transfers are convenient but costly as bank generally provide low exchange rates and charge high fees. A better alternative is to rely on international money transfer companies that provide competitive exchange rates and charge very low fees. This enables you to save more on your international money transfers.