A SWIFT code is an international bank code that identifies particular banks worldwide. It’s also known as a Bank Identifier Code (BIC). CommBank uses SWIFT codes to send money to overseas banks.
SWIFT/BIC codes are used for transferring money overseas. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication and BIC stands for Bank Identifier Code. Together they make up the 8-11 character identification code of a bank or financial institution.