They are used by the swift network to transmit wire transfers money transactions and messages between them.
SWIFT codes are used to identify banks and financial institutions worldwide. TransferWise also offer a multi-currency account that allows customers to receive payments in multiple currencies for free and hold over 50 currencies in the one account. With TransferWiseyour money is always converted at the mid-market rate and you'll be charged a low, upfront fee each time. When you send or receive an international wire with your bank, you might lose money on a bad exchange rate.
A SWIFT code or BIC code is a unique code that identifies financial and non-financial institutions and is mainly used for international wire transfers between banks.
