Is a SWIFT code needed for international wire transfers?

So, you need to send money to another country. To make an international wire transfer, you'll need the SWIFT code of the bank you're sending money to. This code helps banks identify each other during international transactions.

In this article, you'll learn what SWIFT codes are, how they work, and where to find them.

We’ll also introduce Wise, an easy way to send money abroad while saving on exchange rates.

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Table of contents
What is a SWIFT code? IBAN vs SWIFT code What information is needed for an international wire transfer? Make fast, secure and low cost international transfers with Wise Can you make an international transfer without a SWIFT code? Where do I find my international SWIFT code? Is SWIFT code needed for domestic wire transfers? SWIFT code for international wire transfer FAQs

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What is a SWIFT code?

So, what is a SWIFT code for wire transfers?

A SWIFT code is a unique identifier for financial institutions. It stands for Society for Worldwide Interbank Financial Telecommunication - which is a mouthful, so people just refer to it as SWIFT.

It's interchangeable with the BIC code, which is short for Bank Identification Code or Bank Identifier Code.

SWIFT codes have 8 or 11 characters that identify specific banks in international transactions.

Here's the structure of a SWIFT code:

First 4 letters	Next 2 letters	Next 2 characters	Last 3 characters
Bank code	Country code	Location code	Branch code (optional)

For example, BOFAUS3DXXX is the SWIFT code for Bank of America in New York.

💡 Don’t know your bank’s SWIFT/BIC Code? Check out this handy SWIFT code checker.

IBAN vs SWIFT code

IBAN stands for International Bank Account Number. While both are used in international banking, IBAN and SWIFT aren't the same thing. They have different purposes:

IBAN	Identifies a specific account within a bank
SWIFT code	Identifies the bank itself

When you send an international transfer, the SWIFT code directs the money to the correct bank, while the IBAN makes it reach the right account in that bank.

Typically, to make an international money transfer, you need both a SWIFT code and an IBAN.

What information is needed for an international wire transfer?

Here's what you usually need to send an international money transfer:

• Recipient's full name and address
• Recipient's bank account number or IBAN
• Recipient's bank name and address
• The bank's SWIFT code
• The transfer amount and currency
• The reason for the transfer (sometimes required for compliance purposes)

Make sure to double (or even better, triple) check all of the details before confirming your transfer. Even a small mistake can result in delayed or misdirected funds.

You should also be aware of your bank or provider’s international wire transfer limits.

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Can you make an international transfer without a SWIFT code?

SWIFT codes are typically required for all international money transfers.

This requirement shouldn't be a problem because pretty much all banks have them and they're very easy to find.

That said, some alternatives exist:

• Online transfer services: Platforms like Wise allow you to send money internationally without intermediary banks. However, you will still need to use the SWIFT network when sending USD to countries where dollars aren’t the main currency

• Regional payment systems: For example, the SEPA (Single Euro Payments Area) network in Europe allows for transfers between member countries without SWIFT codes

• Cryptocurrency: You can move cryptocurrency across borders, but it's not mainstream and can be risky or against local regulations

• Bank-specific networks: Some banks may have direct relationships or use alternative networks for certain country pairs

That said, SWIFT is the primary method for most bank-to-bank international transfers.

Where do I find my international SWIFT code?

SWIFT codes are very easy to find. Here are a few places where you can find the SWIFT code you need:

• Check your bank statements or online banking portal
• Visit your bank's website and look for sections on international transfers
• Use your bank's mobile app
• Contact your bank's customer service
• Use an online SWIFT code checker

It shouldn't take you more than a few minutes to find your SWIFT code for international wires.

Is SWIFT code needed for domestic wire transfers?

You don't need a SWIFT code to make a domestic wire transfer. In the US, banks use ABA routing numbers for wire transfers, direct deposits, and electronic payments.

A routing number is a nine-digit code that identifies US financial institutions. It's basically the same thing as a SWIFT code but for domestic purposes.

You may sometimes need a routing number to receive an international wire.

SWIFT code for international wire transfer FAQs

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What can I use instead of a SWIFT code?

If you need to make an international money transfer, you will almost always need a SWIFT code. The good news is that you can easily find the SWIFT codes you need online using a SWIFT code checker.

If you can't use a SWIFT code, you may consider using a regional system like SEPA but its reach is limited. Cryptocurrency is another option, but it can be risky and against local financial regulations.

Do all international banks have a SWIFT code?

Most banks have a SWIFT code. Some smaller local banks or credit unions might not have their own SWIFT codes, but in this case, they team up with bigger banks to handle international transfers. Keep in mind that these transfers will probably come with additional processing fees.

Is a BIC code the same as a SWIFT code?

Yes, BIC (Bank Identifier Code) and SWIFT code are the same thing. SWIFT is the organization that created and maintains these codes, which is why "SWIFT code" is the more common term. But you may hear "BIC code" in some contexts, especially in Europe.

Is a SWIFT code the same as a routing number?

No, a SWIFT code and a bank routing number are two different things. Both SWIFT codes and routing numbers are used to identify financial institutions, but SWIFT codes are for making international money transfers and routing numbers are for sending money in the US.

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Most of the time, you need a SWIFT code to make an international money transfer. You can easily find the SWIFT code you need online or by getting in touch with your bank.

For an easier way to pay and get paid globally, use Wise. It allows you to hold money in 40+ currencies and send transfers to 160+ countries with low fees and no exchange rate markups.

Get started with Wise