Do I need a SWIFT code for wire transfer?
For international wire transfers, you will need to know the recipient's account international bank account number (IBAN), BIC, or SWIFT code. SWIFT/BIC codes globally identify banks and financial institutions.
Is a SWIFT transfer the same as a wire transfer?
In theory, it can refer to both domestic and international money transfers, but wire transfers are much more commonly used for transfers abroad, as local bank transfers are the superior options in terms of time and cost savings. The term “wire transfer” is often synonymously used for the SWIFT network.
Is wire routing the same as a SWIFT code?
The biggest difference is that routing numbers are used for transfers domestically instead of the internationally used SWIFT code.
What is SWIFT code used for?
SWIFT codes (also known as BIC codes) ensure safe and speedy international payments through the SWIFT system. When making an overseas transaction, a SWIFT code is used to verify the identity of the banks or financial institutions. This safety measure helps ensure that funds are sent to the correct account.