Definition
A SWIFT code, also called a BIC (Bank Identifier Code), is an 8 or 11 character code that identifies a specific bank and branch for international wire transfers. Invoices to overseas clients should include the SWIFT code together with the account number or IBAN so the payment reaches the right bank.
Also called: BIC, SWIFT/BIC code, Bank Identifier Code
SWIFT code in practice
International wires through the SWIFT network can take one to five business days and often incur fees at both ends. State in your terms whether the invoice amount must be received in full after fees.
Frequently Asked Questions
Where do I find my bank's SWIFT code?
On your bank's website, in your online banking account details, or by asking your branch. It is the same for all customers of that bank and branch.