Although both are used to identify banks, you must use a BIC/SWIFT code to transfer money internationally and an American Bankers Association, or ABA, routing number to transfer money domestically. SWIFT (Society for the Worldwide Interbank Financial Telecommunication): Founded in Brussels in 1973, the Society for the Worldwide Interbank Financial Telecommunication (SWIFT) is a co-operative organization dedicated to the promotion and development of standardized global interactivity for financial transactions. est 1. SWIFT codes are a combination of various kinds of letters and are used to identify the branch codes of the banks. On the one hand, a SWIFT copy refers to a document that is an extract of the electronic payment document sent to the correspondent bank or beneficiary bank. Each bank has a unique code made up of letters and numbers. It’s almost like a postcode for your bank, ensuring that your money goes to the right place. BIC means Bank Identification Code, or Bank Identifier Code. To put it simply, they are unique codes that identify each and every bank for the purpose of international payments. Okay, I am not sure exactly what you are asking about. A SWIFT code — sometimes also called a SWIFT number — is a standard format for Business Identifier Codes (BIC). Once the instruction is loaded into the SWIFT system, it is conveyed to the other institution. It is an 8 to 11-character code that is used to identify a specific bank when you make an international transaction. Knowing where to find and how to use a SWIFT/BIC is indispensable and will prevent you from making costly mistakes. See Synonyms at fast1. Learn more. Moving or capable of moving with great speed; fast. SWIFT codes and BICs are the same exact thing, but don’t mistake a SWIFT code for a bank routing number. It says who and where they are — a sort of international bank code or ID. The American customer would go to their local Wells Fargo branch. Swift definition is - moving or capable of moving with great speed. The digital revolution is making itself felt in the area of international payments in response to the demands and needs of customers. A SWIFT code is used to identify a particular branch of a bank. It is the first bank in Spain to offer this service. BIC and SWIFT codes are essential terminology you should be acquainted with if you are sending or receiving cross-border payments. These codes are used as Bank Identifier Codes (BIC). So, what is a SWIFT code? For bank A to send a message to bank B with a copy or authorization with institution C, it formats the message according to standard and securely sends it to SWIFT. swift definition: 1. happening or moving quickly or within a short time, especially in a smooth and easy way: 2. a…. It’s used to identify banks and financial institutions globally. 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