What Is SWIFT Code and When Should You Use it?

A SWIFT Code (Society for Worldwide Interbank Financial Telecommunications), sometimes referred to as BICs (Bank identifier Codes), is a unique identification code assigned to a specific bank, and their respective branches, to accurately route financial transactions. 
 

A SWIFT Code will always be presented in the following format: 

• Bank Code: Four letters which identify the specific bank. 
• Country Code: Two letters which correspond to the country where the bank is based 
• Head Office Code: Two alphanumeric characters to identify the city/town of the bank's head office 
• Branch Code: Sometimes, traditional high street banks will also include the specific branch code, to accurately route the money you're sending to the recipient's exact local branch. This will consist of 3 alphanumeric characters. When not applicable, this will be replaced with 'XXX' 

The SWIFT Code for iFAST Global Bank will be the same, whenever money is being sent to your account through our services. If the SWIFT Code is ever updated, iFAST will inform you at the first instance. 
 

Format: EZYRGB2LDPB 
 

EZYR = Bank Code 

GB = Country Code (UK) 

2L = Head Office Code (London) 

DPB = Branch Code of iFAST Global Bank 

SWIFT Code vs IBAN 
When sending money abroad, you'll typically need both a SWIFT Code and an IBAN. The SWIFT Code identifies the recipient's bank, while the IBAN (International Bank Account Number) identifies the specific bank account of the recipient. 
In simple terms, the SWIFT Code tells the system which bank the money is going to, and the IBAN tells it which account within that bank should receive the funds. 
 

iFAST Global Bank – Banking Without Boundaries