What is a SWIFT/BIC code?

A SWIFT code, also called a BIC (Bank Identifier Code), is a standardized 8- or 11-character code that uniquely identifies a bank internationally. It tells the global payment-messaging network which institution a cross-border payment is destined for. Unlike a domestic routing number or sort code, the SWIFT/BIC is built for international reach — it's what banks use to find each other across countries. When you receive an international transfer, the sender typically needs your bank's SWIFT/BIC alongside your account number or IBAN. The code identifies the bank, not the specific account, so it's always paired with account details. Because SWIFT-routed cross-border payments can involve intermediary banks and conversion, they often cost more and settle slower. Financiar's same-currency approach keeps cross-border payments in one currency, avoiding the conversion layer that adds cost on SWIFT routes.

SWIFT/BIC vs domestic codes

A SWIFT/BIC identifies a bank internationally; a routing number (US) or sort code (UK) identifies a bank for domestic transfers. For money crossing borders, the SWIFT/BIC is the identifier that lets banks worldwide locate the destination institution.

Why SWIFT routes can cost more

International SWIFT transfers may pass through intermediary banks, each potentially taking a fee, and often involve currency conversion. Both add cost and delay. Keeping a payment same-currency removes the conversion piece, one of the main reasons cross-border transfers get expensive.