US Bank SWIFT Codes Explained

US Bank SWIFT/BIC Codes

A SWIFT code (also called a BIC code) is an alphanumeric code used to identify specific banks in the US and around the world. An important part of international money transfers, SWIFT codes are often used for international wire transfers and currency exchange.

SWIFT codes are also used to identify the recipient’s bank network, and when used together with other information like bank identifiers and account numbers, they can verify exactly where transferred money should be deposited. Entering a SWIFT code allows for the faster and easier exchange and deposit of currency around the world.

When you’re sending money to the United States, you’ll need to provide the generic SWIFT/BIC code for your recipient’s bank, as well as more specific personal information, such as:

• Your recipient’s full name;
• Your recipient’s physical address;
• Your recipient’s bank account number.

SWIFT Transfers: Beware The Hidden Costs

If you’re looking for information about US bank SWIFT/BIC codes, then you’re probably either:

1. sending money to the US from abroad, or
2. receiving money to your US-based account from abroad.

If so, then you should beware of hidden bank fees and consider using a digital provider to save money instead. To see why we recommend most people avoid the bank for international SWIFT transfers, see the two use cases below:

1 — Sending an International Transfer to the US

If you’re sending money internationally to an American bank account through your local bank overseas, the transaction will likely be much pricier than it ought to be. —

This is because fixed international bank transfer fees, bad exchange rates, and correspondent banking fees can stack up very quickly. At Monito, we analyzed the cost of sending money with around 50 major banks in eight countries around the world, and we can confidently say that we don’t recommend using your bank to send money to the US.

Additionally, bank transfers via the SWIFT network tend to take quite long (between one and five business days on average), meaning they’re not a good option if you want to make a speedy transfer.

Fortunately for you, much smarter alternatives exist. Using a digital money transfer provider, not only could you up to 95% in fees compared to the bank, but you’ll also be able to send money more quickly to your beneficiary’s account in the US. Compare now on Monito’s real-time comparison engine to find the cheapest way to send to any bank account in the US: