SWIFT Code: Full Form, Meaning, Format & How to Find Your Bank's Code [2026 Guide]

A SWIFT code is a unique 8-to-11-character code that identifies a bank globally for international money transfers. If you're an Indian importer paying an overseas supplier or an exporter receiving payment from a foreign buyer, the SWIFT code is how banks know exactly where to route your money.

What is a SWIFT Code?

SWIFT full form: Society for Worldwide Interbank Financial Telecommunication.

Also called BIC (Bank Identifier Code). SWIFT code and BIC code are the same thing. If a supplier or bank asks for your BIC, they're asking for your SWIFT code. A SWIFT code is a "global address" for a bank. It tells the international banking system exactly which bank, and, which branch to send money to.

About the SWIFT network:

• Founded in 1973, headquartered in Belgium
• Connects 11,500+ financial institutions across 200+ countries
• Follows the ISO 9362 standard
• Processes messaging for millions of transactions daily

SWIFT doesn't actually move money. It carries secure encrypted messages (instructions) between banks that trigger the actual fund movement. Think of it as the postal system for banking, it delivers the instruction letter, not the cash.

SWIFT Code Format Explained

Every SWIFT code follows a standard structure. Let's break it down using SBI's SWIFT code: SBININBBXXX

SWIFT Codes of Major Indian Banks

A quick reference table for the most commonly used Indian bank SWIFT codes:

These are the primary/head office codes. Some banks assign branch-specific SWIFT codes also. SBI alone has 100+ branch codes. Always verify with your bank before sharing.

When your overseas supplier asks for your SWIFT code, share the primary head office code listed above along with your full account number, bank name, and branch address. This is sufficient for 95% of international transfers.

How to Find Your Bank's SWIFT Code

Step 1: Check your bank statement, Many banks print the SWIFT/BIC code on monthly statements or passbook pages.

Step 2: Log into internet banking, Look under "Account Details" or "International Banking" section.

Step 3: Visit your bank's official website, Search for "SWIFT code" or "International transfers" page.

Step 4: Use a SWIFT code finder tool like www.eximpe.com. Our tool let you search by country > City > Bank.

Step 5: Call your bank's customer service, Quickest way if you can't find it online.

Step 6: Visit your branch, Ask the branch manager for the SWIFT code specifically for international transactions.

Never rely on SWIFT codes from random websites or WhatsApp forwards. Always cross-verify with your bank's official website or customer care. One wrong character could lead to failed transfer.

SWIFT Code vs IFSC Code: Are They the Same?

This is the #1 confusion among Indian traders new to international payments. They are not same. If someone abroad wants to send you money, give them your SWIFT code. If you're paying a domestic supplier, use IFSC code. Sharing IFSC for an international transfer = instant rejection. Below are some of the basic differences:

Does India Use IBAN?

No. India does not use the IBAN (International Bank Account Number) system. For receiving international payments in India, you need:

• SWIFT code + Account number + Bank name and branch address

If a foreign client asks for your IBAN, explain that Indian banks don't issue IBANs and share your SWIFT code and account number instead.

How Importers Use SWIFT Code for International Payments

Scenario: Indian importer paying a Chinese electronics supplier $15,000

Step 1: Importer receives proforma invoice from supplier with bank details containing bank name, SWIFT code, account number, beneficiary name.

Step 2: Importer visits their bank (or uses net banking) and fills out a foreign outward remittance form.

Step 3: Importer provides supplier's SWIFT code, account number, bank name and address, invoice copy, and RBI purpose code (e.g., P0103 for capital goods import).

Step 4: Importer's bank (e.g., SBI Mumbai) sends an MT103 SWIFT message to the supplier's bank (e.g., Bank of China, Shenzhen).

Step 5: If no direct relationship exists, the payment routes through an intermediary/correspondent bank (e.g., Citibank New York for USD payments).

Step 6: Supplier's bank receives the SWIFT message, verifies details, and credits the supplier's account.

Step 7: Timeline is 1–5 business days depending on intermediary banks and compliance checks.

How to Track a SWIFT Payment

Ask for MT103 (Swift Copy): Once your bank initiates the transfer, request the MT103 document, it's your proof of payment. It contains the UETR (Unique End-to-End Transaction Reference), which acts like a tracking ID for your money.

SWIFT GPI Tracker: If your bank supports SWIFT GPI, you can track the payment in real-time using the UETR. Many major Indian banks now support this.

Contact your bank: If payment hasn't arrived in 3–5 days, share the MT103 reference number (Field 20) with your bank and ask them to trace it through the SWIFT network.

7 Common SWIFT Code Mistakes to Avoid

Mistake #1: Confusing SWIFT code with IFSC code.
IFSC is domestic, SWIFT is international.

Mistake #2: Using the wrong branch code.
SBI has 100+ SWIFT codes for different branches. Using a different branch's code can delay your payment by days.

Mistake #3: Using an outdated SWIFT code.
Banks occasionally change SWIFT codes after mergers or restructuring. Several Indian banks merged in 2020, old codes may no longer work.

Mistake #4: Missing characters.
Omitting even one character from the 8/11-character code causes the transfer to fail. Double-check every character.

Mistake #5: Adding spaces or special characters.
SWIFT codes must be entered without spaces, hyphens, or dots. SBIN INBB XXX ≠ SBININBBXXX.

Mistake #6: Not verifying before large transfers.
Always do a small test transfer first for new suppliers or new bank details. Verify the funds arrive correctly before sending the full amount.

Mistake #7: Ignoring correspondent bank details.
Some transfers , especially USD payments require you to specify the intermediary bank's SWIFT code too. Ask your bank if this applies.

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