What is an SWIFT/BIC Code?

SWIFT codes means Society of Worldwide Interbank Financial Telecommunication Code. The Swift/BIC code is used to identify a particular branch of a bank or financial institution & it'll help you to transfer money internationaly and executor for cross-border payments.

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SWIFT / BIC Code Details of ALLFUNDS BANK, MAIN BRANCH Branch
Country Name ITALY
Country Code IT
Bank Name ALLFUNDS BANK
Branch Name MAIN BRANCH
City Name MILANO
SWIFT Code ALLFITMM

(Use for international fund transfers.)

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About Allfunds Bank, Main Branch Branch

General Information :

The Allfunds Bank , Main Branch Branch is Located in Milano City, Italy.
The Swift / BIC Code of Allfunds Bank , Main Branch is : ALLFITMM

Breakdown of Allfunds Bank, Main Branch Branch SWIFT Code

A

L

L

F

I

T

M

M

Bank Code

Country ISO Code

Location Code

The first four digits (ALLF) represent the bank, here it's representing Allfunds Bank.

Next two digits (IT) is country ISO code & here this code indicates Italy country.

Next two digits is (MM) - is location code, it's use to identify the particular bank location.

    1. If the second character is "0" - then it is typically a test BIC as opposed to a BIC used on the live network.
    2. If the second character is "1" - then it denotes a passive participant in the SWIFT network
    3. If the second character is "2," it typically indicates a reverse billing BIC, in which the recipient pays for the message rather than the more common mode, in which the sender pays for the message.

This SWIFT Code is an eight-digit code that is likely to refer to the primary office.

FAQ

The SWIFT / BIC Code of Allfunds Bank, Main Branch Branch is : ALLFITMM

The Allfunds Bank , Main Branch is Located in Milano , Italy.

SWIFT / BIC Code


What is SWIFT/BIC Code?

SWIFT codes are abbreviations for the Society of Worldwide Interbank Financial Telecommunication Code. A SWIFT code is a code that is used to identify the country, bank, and branch of an account. A SWIFT code is also known as a BIC (Bank Identifier Code), but they are the same thing.


Formation of SWIFT Code

The Swift Code is either eight or eleven digits long and a combination of letters and numbers.

  • The first four characters of the swift code are the bank code.
  • The next two digits are the country code.
  • The next two digits are the location code, and
  • The last three digits are optional and aid in identifying the specific bank branch.

Applications of SWIFT Code/BIC Code

The following are some examples of SWIFT or BIC code applications:

  • The Swift/BIC code is used to identify a specific branch of a bank or financial institution.
  • It aids in international money transfers and acts as an executor for cross-border payments.

Example: Breakdown of SWIFT/BIC Code

A

B

C

D

1

2

3

4

5

6

7

Bank Code

Country ISO Code

Location Code

Branch Code
(Optional)

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