The SWIFT code is an international bank code that identifies particular banks worldwide. It’s also known as a Bank Identifier Code (BIC). Bank uses SWIFT codes to send money to overseas banks.
The SWIFT code consists of 8 or 11 characters.
SWIFT codes and BIC codes are the same thing and the terms are interchangeable. Other terms used by banks overseas include:
- CHIPS (Clearing House Inter-Bank Payment System) – US and Canada only
- NCC (National Clearing Code)
- BSC (Bank Sort Code)
- IFSC (Indian Financial System Code).
If you’re sending money to someone overseas, you’ll need to get the recipients SWIFT in order to do the transferClick Here to Download Complete List of SWIFT CODE for Saudi Banks and Financial Institutions