Your essential guide to SWIFT transfers

While domestic transfers in the UK are simple and quick, moving money across international borders often relies on a system that dates back decades. The SWIFT code is at the centre of this traditional process.

For many customers, this code is a source of confusion, adding complexity to what should be a simple transaction. The SWIFT network can also make international payments slow, expensive, and difficult to track.

We believe that international money transfer options should be straightforward and transparent. Understanding the mechanics of the traditional system is the first step to finding a better, more modern solution.

Want to move money easily and instantly? Explore our guide to international transfers.

The information provided in this article is accurate as of 13 October 2025.

What's a SWIFT code and why is it essential for global payments?

A SWIFT code is a standardised format of the Business Identifier Code (BIC) that gives a unique identity to every bank and financial institution. In simple terms, it functions as the international postal address for a bank or financial institution.

The acronym SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. This is the organisation that manages the secure global network that allows the exchange of messages between institutions. It's important to know that the SWIFT network itself doesn't physically move money. Instead, it transmits secure, standardised payment instructions from the sender’s to the recipient’s bank or institution.

When you send money overseas, your provider needs to know exactly which institution the money is destined for, and the SWIFT code provides this essential identifier. Without this unique identifier code, the transaction can't be properly directed and secured. It's a mandatory requirement for almost all traditional wire transfers involving different countries and currencies. In fact, SWIFT states that its network is relied upon by more than 11,000 financial institutions in over 200 countries.

The anatomy of the BIC

While the terms SWIFT code and SWIFT ID code are used colloquially, the official technical name for the code is the Bank Identifier Code (BIC). This is why you frequently see it written as SWIFT BIC. This code is typically either 8 or 11 characters long, and each group of characters carries specific information about the bank's identity and location.

Understanding the breakdown of the code can help you quickly verify that you have the correct information:

This structured format ensures the code is unique and reliable for machine processing. The 8-character version typically represents the main institution office and is commonly used when a specific branch code isn't necessary.

SWIFT vs BIC: clearing up the confusion

The difference between SWIFT and BIC often confuses people making their first international transfer. For the purpose of sending money, they're interchangeable terms that refer to the exact same alphanumeric sequence:

• SWIFT is the name of the organisation and the network itself
• BIC is the standardised code managed by SWIFT

If you're asked for a SWIFT/BIC code on a payment form, or if a recipient asks for your SWIFT code, you need to provide the same 8- or 11-character code. Financial institutions, particularly in Europe, often use the term BIC on their official documentation, while the general public commonly calls it a SWIFT code.

BIC and the ISO 9362 standard

As the formal identifier, the BIC is defined by the International Organization for Standardization (ISO) under the specification ISO 9362. This means that the code must follow rigorous international protocols, which is important for its secure and legitimate use around the world.

SWIFT codes and IBANs: understanding the key differences

While both a SWIFT code and an IBAN are mandatory components for many international transactions, they play different roles in the payment process. They work together, but they aren't the same thing.

An IBAN contains all the necessary account information, including the national identifier and the customer’s specific account number.

You can think of it in terms of shipping: the SWIFT code is like the city and postcode — it gets the parcel to the right receiving institution. The IBAN is like the street address and house number — it ensures the money is placed into the correct person's account.

For payments sent within the SEPA zone of Europe, the IBAN is usually the main identifier. For transfers outside this zone or in specific major currencies (like US dollars), you need both the recipient’s SWIFT code and IBAN to complete the transaction.

Learn more about what is an IBAN.

How to find your SWIFT code for receiving money

If you're planning to receive an international SWIFT transfer into your account in the UK, you need to provide the sender with your provider's SWIFT code. Since the code is tied to the institution (and often the head office) rather than your personal account, it's typically very easy to find.

Here are the most reliable sources for finding your code:

• Your statement: the code is usually printed clearly on your provider's statements. Look near your account number and sort code details.
• Online or in-app: the code is almost always listed in-app or on the section of the website dedicated to international transfers. If you can generate your IBAN, the SWIFT code is often shown alongside it.
• Institution's official website: providers provide a public list of their SWIFT codes. A quick search on your bank's official site should confirm the details.

Important: to avoid potential delays or misrouted payments, you should always double-check the code through your provider's official website.

When is a SWIFT code needed?

Whether or not you need to use a SWIFT code depends on 2 main factors: the destination and the method you choose for sending money.

The SWIFT code is most frequently required for:

• Global transfers(outside SEPA): if you're sending money to a country outside the European SEPA zone, the SWIFT network remains the standard protocol for communication between the originating and receiving institutions
• Major currencies: payments involving major global currencies, such as US dollars (USD), Canadian dollars (CAD), or Australian dollars (AUD), often use the SWIFT network, regardless of the exact destination
• Traditional wire transfers: any payment initiated directly via an older wire transfer service will almost certainly need the SWIFT code

However, platforms like ours use local payment systems wherever possible. When you send money through us, we automatically check the quickest route — which often bypasses the SWIFT network and only requires local details like an IBAN for Europe or an account number and sort code for certain domestic payments. This means you don't have to worry about finding the correct code.

The problems with traditional SWIFT transfers: time, cost, and fees

Despite its reliability, the traditional SWIFT model doesn't align with modern customer expectations for speed and affordability.

When a UK institution wants to send money to a non-affiliated institution in, say, Indonesia, the message may have to be routed through 2 or 3 other banks in different financial hubs around the world (e.g. Frankfurt, then Singapore) before it reaches its final destination.

This chain of command creates significant drawbacks, including:

1. Slowness: each bank in the chain must manually process the message, verify the payment, and update the accounts. They often each add a full business day, causing the whole process to take anywhere from 3–5 working days, which feels outdated in a world of instant payments.
2. Unclear and high costs: every bank in the chain charges a processing fee. This money is deducted from the transfer amount en route, meaning it's hard to predict how much the recipient will get in the end.
3. Lack of transparency: you can't easily track where your money is at any given moment, leading to frustration for both the sender and the recipient.

At Revolut, we use local payment rails when available, allowing us to bypass the SWIFT network's drawbacks whenever possible. We may still use the SWIFT network for some international transfers.

Why fees add to the cost

When initiating a transfer, the sender’s institution might quote a fee, but it can't guarantee that it'll be the final cost because it has no control over the fees applied by the intermediary institutions along the chain.

The final total often includes:

• The sending provider's outgoing fee: a charge for initiating the wire transfer message
• Intermediary fees: deductions taken by each bank and institutions along the payment path for helping with the currency exchange and routing
• Recipient provider's incoming fee: a fee charged by the final institution for receiving and processing the international payment

These fees add up, and can significantly reduce the amount of money received by the recipient. By offering instant international payment solutions and using local payment networks, we avoid these intermediaries entirely, providing transparency and lower costs upfront.

Exchange fees, remittance fees, and limits may apply.

Revolut and SWIFT transfers

We aim to provide solutions to real-world financial problems faced by our customers, including the frustration of dealing with the slow, costly, and complex traditional SWIFT transfer system. Our focus is on technology-driven solutions that provide clarity, speed, and fairness.

Here's how it works:

• Prioritising local systems: for most international transfers, we use local payment rails (such as SEPA in the Eurozone or Faster Payments in the UK) whenever possible. This means we often don't need the SWIFT code and can instead use local details, making the transfer faster and cheaper.
• Upfront transparency: for all payments, including those where we must use the SWIFT network, we're clear about the costs. We show you the exchange rate and the exact fees before you confirm the transaction, so you always know the exact amount the recipient will get.
• Speed and instant P2P: transfers to other Revolut customers — even globally — are instant and free (exchange fees and fair usage limits may apply). For international transfers, we're often able to process payments in a fraction of the time taken by older financial institutions.
• Simple management: all your international and domestic payments can be managed in-app. You can track your payment status in real-time and review all transaction details easily.

By cutting out the reliance on slow systems and prioritising transparent, low-cost routing, you can now enjoy instant international payment solutions globally, managing all your payments efficiently and affordably.

Start sending money with us

Here's how you can set up your account and make your first easy international payment:

1. Download the Revolut app: find it on the App Store or Google Play.
2. Sign up: complete the simple on-screen instructions to create your account and verify your identity. The process is digital and usually only takes a few minutes.
3. Top up your account: once verified, you can easily add money to your account from your existing bank account or debit card.
4. Initiate a transfer: tap Payments, then the + symbol in the top-right corner, and input the destination country and currency.
5. Enter recipient details: add the recipient’s name and bank details. We'll automatically find the best routing method. If a SWIFT code is needed, we'll ask you for it. Otherwise, only local information (like an IBAN) is needed.
6. Review and send: review the final amount and fees, then confirm the transfer.