SWIFT Code Decoded
How international wire transfers work, Indian bank SWIFT codes, transfer fees, and the critical difference between SWIFT and IFSC.
What is a SWIFT Code?
SWIFT stands for Society for Worldwide Interbank Financial Telecommunication a Belgium-based cooperative that operates a secure messaging network used by 11,000+ banks across 200+ countries. When you send money internationally, the banks don't physically move cash they exchange encrypted SWIFT messages to debit and credit accounts.
A SWIFT code (also called BIC Bank Identifier Code) is the address of a bank on this global network. Every international wire transfer requires the receiver's SWIFT code to route the payment correctly.
SWIFT Code Breakdown
Top Indian Bank SWIFT Codes
| Bank | SWIFT Code | Head Office |
|---|---|---|
| State Bank of India | SBININBB | Mumbai |
| HDFC Bank | HDFCINBB | Mumbai |
| ICICI Bank | ABORINBBXXX | Mumbai |
| Axis Bank | AXISINBB | Mumbai |
| Punjab National Bank | PUNBINBB | New Delhi |
| Bank of Baroda | BARBINBB | Vadodara |
| Kotak Mahindra Bank | ABORINBB | Mumbai |
| Canara Bank | CNRBINBB | Bengaluru |
SWIFT Code vs IFSC Code
| Feature | SWIFT / BIC | IFSC |
|---|---|---|
| Full Form | Bank Identifier Code | Indian Financial System Code |
| Length | 8 or 11 characters | 11 characters (always) |
| Used for | International transfers | Domestic (NEFT/RTGS/IMPS) |
| Managed by | SWIFT (Belgium) | RBI (India) |
| Coverage | 200+ countries | India only |
| All branches have it? | No select branches only | Yes every branch |
| Example | SBININBB104 | SBIN0000058 |
International Transfer Fees from India (2026)
Frequently Asked
What is the difference between SWIFT code and IFSC code?
IFSC (11 chars) is used only for domestic Indian transfers via NEFT, RTGS, IMPS and is assigned by RBI. SWIFT/BIC (8 or 11 chars) is used for international wire transfers across 200+ countries and is assigned by SWIFT (Belgium). Every Indian bank branch has an IFSC, but only select forex-authorized branches have SWIFT codes. Learn more about IFSC ?
How long does a SWIFT transfer take to India?
Typically 1-5 business days. Transfers from USA/UK take 2-3 days, Europe 1-2 days, Middle East 1-3 days. The time depends on time zones, intermediary banks, compliance checks, and whether the transfer is in USD/EUR (faster) or other currencies.
Do all Indian bank branches have SWIFT codes?
No. Only branches authorized for foreign exchange (forex) transactions have SWIFT codes. These are typically head offices and major city branches. However, you can receive international transfers at any branch the money is routed through the nearest SWIFT-enabled branch of your bank and then internally transferred to your account.
What details do I need to receive an international transfer?
Share these with the sender: (1) Your full name as per bank records, (2) Bank account number, (3) Bank's SWIFT code, (4) Bank name and branch address, (5) IFSC code of your branch, (6) Purpose of remittance. For amounts above $2,500, RBI requires a FIRC (Foreign Inward Remittance Certificate) from your bank.
Is SWIFT the only way to send money internationally?
No. Alternatives include: Western Union (cash pickup), Wise (TransferWise) (lower fees, mid-market rate), PayPal (for freelancers), and UPI International (now available in Singapore, UAE, and Sri Lanka via UPI apps). SWIFT remains the standard for bank-to-bank transfers and large amounts.
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