What is a SWIFT/BIC code? Meaning, format & examples (2026)

Key Takeaways:

• A SWIFT/BIC code is an 8 or 11-character code that identifies a specific bank in international money transfers. Without it, cross-border payments cannot be routed correctly.

• Every code follows a fixed structure: a 4-character bank identifier, a 2-character country code, a 2-character location code, and an optional 3-character branch code.

• If you need to send money internationally without the typical SWIFT delays and fees, Airwallex offers an alternative that uses local payment rails where available.

A SWIFT/BIC code is a unique identifier used by banks worldwide to route international payments to the correct institution. Without the right code, your payment cannot reach its destination — and may be delayed, rejected, or returned at a cost.

This guide covers how to read a SWIFT/BIC code, the major Singapore bank SWIFT codes, what happens when the wrong code is used, and when you need a SWIFT code versus an IBAN.

What is a SWIFT/BIC code?

A SWIFT/BIC code is a standardised code that identifies a specific bank or financial institution in an international transaction. It tells the global banking system exactly where to send a payment, down to the country, city, and branch.

The code is formally known as a Bank Identifier Code (BIC) and is governed by the international standard ISO 9362. In everyday use, most banks and payment platforms refer to it as a SWIFT code, because it is used primarily within the SWIFT messaging network.

Is a BIC code the same as a SWIFT code?

Yes, a BIC code and a SWIFT code are the same thing. Banks and financial institutions sometimes use one term or the other depending on their region or context, but they refer to an identical code.

You may also see it labelled as a SWIFT/BIC code, which is simply both terms combined to avoid confusion.

How to read a SWIFT/BIC code

Every SWIFT/BIC code follows the same fixed structure. It is either 8 or 11 characters long. Here is what each part means, using the DBS Bank Singapore code as an example:

Example: DBSSSGSG or DBSSSGSGXXX

When a SWIFT code is only 8 characters, it refers to the bank's primary or head office. When you see "XXX" as the branch code, it also means the primary office.

If you are unsure which to use, the 8-character version is accepted for most international transfers.

How the SWIFT network works

The SWIFT network is the messaging system that banks use to communicate payment instructions to each other across borders.

It does not move money directly; instead, it sends secure, standardised messages that tell each bank in a transfer chain what to do and where to send funds next.

SWIFT was founded in 1973 and is headquartered in Belgium. It is a member-owned cooperative — no single bank or government owns it. Today, it connects more than 11,500 financial institutions across more than 200 countries and territories.¹

For a deeper look at how the network itself operates, see our guide: What is the SWIFT payment network?

Looking for a faster, more affordable alternative? Airwallex routes 94% of transfers through local payment rails instead of SWIFT, meaning $0 SWIFT fees and faster settlement. Learn more about Airwallex Transfers or sign up now.

How a SWIFT transfer is routed

When you send money internationally, your bank does not always have a direct relationship with the recipient's bank. In that case, the payment passes through one or more intermediary banks (also called correspondent banks) before reaching its destination.

Here is how a typical transfer works:

• You instruct your bank to send funds to a recipient overseas.

• Your bank sends a SWIFT message to an intermediary bank it has a relationship with.

• The intermediary bank forwards the payment — sometimes through a second intermediary — until it reaches the recipient's bank.

• The recipient's bank credits the funds to the correct account.

Each bank in the chain uses the SWIFT/BIC code to identify where to send the payment next. If the code is wrong at any point, the chain breaks.

What other payment systems exist?

SWIFT is the dominant network for international transfers, but it is not the only one. Other systems handle specific regions or currencies:

• SEPA (Single Euro Payments Area): Used for euro transfers within Europe. Requires an IBAN, not a SWIFT code.

• CHIPS (Clearing House Interbank Payments System): Used in the United States for large-value USD transactions.

• FedWire: The US Federal Reserve's own funds transfer system, used for large-value USD transactions.

For most international transfers outside of Europe — including payments to and from Singapore — the SWIFT network and a SWIFT/BIC code are what you need.

SWIFT/BIC codes for major Singapore banks

If someone is sending money to your Singapore bank account from overseas, they will need your bank's SWIFT/BIC code. Here are the verified codes for the major banks in Singapore:

When in doubt, share the 8-character version of your bank's SWIFT code with the sender. Most international payment platforms will accept it and route the transfer to your bank's primary office.

If you need the SWIFT code for DBS specifically — including for different account types — see our dedicated guide: DBS SWIFT code: what it is and how to use it.

How to find your SWIFT/BIC code

You can find your bank's SWIFT/BIC code in several places:

• Your bank statement: SWIFT codes are often printed on official statements, particularly for accounts set up to receive international transfers.

• Online or mobile banking: Log in to your bank account and look under account details or international transfer settings.

• Your bank's website: Most Singapore banks publish their SWIFT code on their help or support pages.

• The SWIFT BIC directory: SWIFT maintains an official directory at swift.com where you can search for any registered bank's code.

If you are sending money to someone else, ask the recipient. They are responsible for providing the correct SWIFT code for their bank.

SWIFT codes vs IBANs: Which do you need?

SWIFT/BIC codes and IBANs are both used in international transfers, but they serve different purposes and are not interchangeable. Understanding which one you need depends on where the payment is going.

A SWIFT/BIC code identifies the bank. An IBAN (International Bank Account Number) identifies the specific account within that bank. In some transfers, you need both.

Here’s a quick overview:

When you need a SWIFT code

You need a SWIFT/BIC code for almost all international wire transfers, regardless of where you are sending money to or from. It tells the banking system which institution to route your payment through.

If you are in Singapore and receiving money from overseas, the sender will always need your bank's SWIFT code.

When you need an IBAN

IBANs are used primarily within Europe and a number of countries in the Middle East, North Africa, and the Caribbean. If you are sending money to a bank account in one of these regions, you will typically need to provide the recipient's IBAN.

Countries that use IBANs include Germany, France, the Netherlands, the United Kingdom, the UAE, and Saudi Arabia, among many others.

Singapore does not use IBANs. If someone asks for your IBAN and your bank is in Singapore, you do not have one. You can give them your account number and your bank's SWIFT/BIC code instead.

When you need both

For transfers into IBAN-using countries, many banks require both the recipient's IBAN and the recipient bank's SWIFT/BIC code. This is common for transfers into European bank accounts. When in doubt, provide both — your bank or payment platform will use whichever is relevant.

What happens if you use the wrong SWIFT code?

Using an incorrect SWIFT/BIC code is one of the most common (and costly) mistakes in international transfers. Here is what can happen depending on the type of error.

The payment is delayed

If the SWIFT code you entered belongs to a real bank but is not the intended recipient, the payment may be routed to the wrong institution. That bank will need to identify the error and manually return the funds.

This process can take several business days, and sometimes longer if multiple correspondent banks are involved.

The payment is rejected

If the SWIFT code does not match any institution in the SWIFT network, most banks will reject the transfer before it is sent. You will typically receive a notification and the funds will be returned to your account, but this may take a few days to process.

You are charged a recall fee

If a payment has already been sent and needs to be recalled, your bank will generally charge a recall or amendment fee. The amount varies by bank. You may also be charged by any correspondent banks involved in routing the transfer.

In some cases, the recipient bank may deduct a fee before returning the funds.

The funds are sent to the wrong account

In rare cases — particularly when an incorrect code closely matches a real institution — the payment may reach the wrong bank entirely. Recovering funds in this situation can take weeks and is not always guaranteed.

How to avoid errors

• Double-check the SWIFT code directly with your recipient before sending

• Use the 8-character version if you are unsure of the branch code

• Confirm the code against your recipient's official bank correspondence or statement — not a third-party website

• If you are sending a large amount, consider sending a small test payment first

Why Singapore businesses choose Airwallex for transfers

SWIFT works, but it comes with real tradeoffs: transfers can take 1–5 business days, intermediary banks may deduct fees along the route, and the amount that arrives is not always what was sent.

In comparison, 94% of Airwallex transfers are routed through local payment rails instead of SWIFT, which translates to $0 SWIFT fees and faster settlement. Here’s what you get with Airwallex:

Faster transfers via local rails

94% of our transfers are routed through local rails with no SWIFT fees. 93% of transfers arrive on the same working day, and 45% arrive immediately.

Transparent fees

With SWIFT, intermediary banks can deduct fees mid-transfer. With Airwallex, the cost is clear before you send — and the full amount arrives.

Save up to 80% on FX fees

Most international transfers involve currency conversion, and that’s where traditional banks earn the most. In comparison, Airwallex offers competitive rates of 0.4% to 0.6% above interbank, letting you save up to 80% on FX fees compared to traditional banks.

Frequently asked questions (FAQs)

Is a BIC code the same as a SWIFT code?

Yes. BIC (Bank Identifier Code) and SWIFT code refer to the same thing. BIC is the formal technical term under the ISO 9362 standard, while SWIFT code is the commonly used name because the code operates within the SWIFT network. You may see both terms used on bank forms and payment platforms — they are interchangeable.

How do I find my bank's SWIFT/BIC code?

You can find it on your bank statement, in your online or mobile banking app under account details, or on your bank's official website. You can also search for any registered bank's SWIFT code using the official SWIFT BIC directory at swift.com. If you are unsure, contact your bank directly.

Do I need a SWIFT code or an IBAN?

It depends on where you are sending money. SWIFT/BIC codes are used for most international transfers worldwide, including to and from Singapore. IBANs are used primarily in Europe and parts of the Middle East and North Africa. For transfers into European accounts, you usually need both. Singapore does not use IBANs — your bank account number and SWIFT code are what overseas senders need.

What happens if I enter the wrong SWIFT code?

Your transfer may be delayed, rejected, or sent to the wrong bank entirely. If the code belongs to a real bank but the wrong one, the payment has to be recalled — which takes time and usually incurs a fee. Always double-check the SWIFT code with your recipient before sending, especially for large amounts.

How long does a SWIFT transfer take?

SWIFT transfers typically take 1–5 business days, depending on the countries involved, the currencies being converted, and how many correspondent banks are in the routing chain. Transfers that pass through multiple intermediary banks tend to take longer. Some fintechs, including Airwallex, route transfers through local payment rails where available, which can significantly reduce transfer times.

Why does my SWIFT code have 8 characters, but I've seen 11-character codes?

An 8-character SWIFT code refers to the bank's head office or primary location. An 11-character code includes a 3-character branch code at the end. When the branch code is "XXX", it also refers to the primary office. If you are not sure which to use, the 8-character version is accepted for most international transfers.

Sources:

1. swift.com/about-us/swift-history

This publication does not constitute legal, tax, or professional advice from Airwallex, nor does it substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.