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What is swift code?

SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. SWIFT code is a standard format of Business Identifier Codes approved by the International Organization for Standardization (ISO). It is a unique identification code for both financial and non-financial institutions. When assigned to a non-financial institution, the code may also be known as a Business Entity Identifier or BEI. These codes are used when transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks. The codes can sometimes be found on account statements.

Bank Swift code details of BANCA TRANSILVANIA S.A., ROMANIA, SIGHISOARA

Country ROMANIA
Bank BANCA TRANSILVANIA S.A.
City SIGHISOARA
Swift Code BTRLRO21MS2 used in international fund tramsfer

Structure of Swift code

The SWIFT code is 8 or 11 characters, made up of:

  • 4 letters: Institution Code or bank code.
  • 2 letters: ISO 3166-1 alpha-2 country code
  • 2 letters or digits: location code
  • if the second character is "0", then it is typically a test BIC as opposed to a BIC used on the live network.
  • if the second character is "1", then it denotes a passive participant in the SWIFT network
  • if the second character is "2", then it typically indicates a reverse billing BIC, where the recipient pays for the message
  • as opposed to the more usual mode whereby the sender pays for the message.
  • 3 letters or digits: branch code, optional ('XXX' for primary office)

Where an 8-digit code is given, it may be assumed that it refers to the primary office.

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