These codes are used when transferring money between banks, particularly for international wire transfers.
Banks also use these codes for danske bank a/s messages between them. SWIFT codes comprise of 8 or 11 characters. All 11 digit codes refer to specific finland branch, while 8 digit codes or those ending in 'XXX' refer to the head or primary office.
SWIFT codes are formatted as follows: AAAA BB CC DDD First 4 characters - bank code only letters Next 2 characters - ISO alpha-2 country code only letters Next 2 characters - location code, passive participant will have "1" in the second finland branch letters and digits Last 3 characters - branch code, optional - 'XXX' for primary office letters and digits The downside of international transfers with your bank When you send or receive money using your bank, you might lose out on a bad exchange rate and pay hidden fees as a result.
That's because the banks still use an old system to exchange money.
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