A SWIFT Code (Society for Worldwide Interbank Financial Telecommunication), also known as a BIC (Bank Identifier Code), is a standard code used globally to identify a specific bank during international transactions. If you are a YouTuber receiving AdSense earnings, a freelancer getting paid by foreign clients, or a parent receiving money from a child abroad, you need this code.
When you ask “what is SWIFT Code,” you are looking for the global address of your bank. Unlike IFSC which works only within India, SWIFT connects Indian banks to the global financial network.
What Does SWIFT Code Mean?
It consists of 8 or 11 characters:
- First 4 chars: Bank Code (e.g., SBIN for SBI).
- Next 2 chars: Country Code (IN for India).
- Next 2 chars: Location/City Code.
- Last 3 chars (Optional): Branch Code.
If the code has only 8 characters, it refers to the Head Office.
Why SWIFT Code is Important
- Inward Remittance: Foreign banks cannot send money to India without routing it through a SWIFT-enabled branch.
- Forex Rates: The specific SWIFT code often determines the forex dealing branch that converts Dollars to Rupees.
- Security: It ensures the money lands in the correct banking network securely.
Where is SWIFT Code Used?
- Google AdSense: Required to receive YouTube/Blog earnings.
- Wire Transfers: Any bank-to-bank transfer from USA/UK/Dubai to India.
- Freelancing Platforms: Upwork or Payoneer withdrawals.
How to Find or Check SWIFT Code
Method 1: Bank Website
Most banks list their SWIFT codes on their NRI/Forex pages. Search for “[Bank Name] Forex Branch List”.
Method 2: Call Customer Care
Not every small branch has a SWIFT code. Often, small branches map to a main city branch. Call your bank and ask: “What is the SWIFT code for inward remittance to my branch?”
Example of SWIFT Code
SBININBB123
– SBIN: SBI
– IN: India
– BB: Location (e.g., Mumbai)
– 123: Specific Branch
Common Problems or Errors
- Branch doesn’t have SWIFT: Small rural branches often don’t have their own code. In this case, use the SWIFT code of the nearest designated Forex branch of your bank. The money will reach the main branch and then be routed to your account.
- Intermediary Fees: Sometimes money arrives less than sent. This is because intermediary banks charge fees while routing through the SWIFT network.
Important Things to Remember
- For local transfers, use IFSC. For global, use SWIFT.
- Always inform your bank if you are expecting a large remittance to avoid KYC holds.
- Also check what is CIF for account details.
Frequently Asked Questions
Is SWIFT code the same as IFSC code?
No. IFSC is for domestic transfers within India (NEFT/RTGS). SWIFT is for international transfers (Cross-border).
How many digits is a SWIFT code?
It is either 8 characters (Head Office) or 11 characters (Specific Branch). Both are valid for receiving money.
My branch doesn’t have a SWIFT code. What do I do?
You can use the SWIFT code of your bank’s main branch in your city or state. The funds will be routed internally to your account using your account number.
Is SWIFT code required for PayPal withdrawals?
No, PayPal usually asks for the IFSC code because they handle the currency conversion locally in India before sending it to your bank.
Where can I find the SWIFT code for SBI?
SBI has designated Forex branches. Visit the SBI website > NRI Services > Branch Locator to find the SWIFT code of the branch nearest to you.