What is the SWIFT code and what is it for?

The SWIFT code is a unique universal code that can be from 8 to 11 characters long, used to make transfers between accounts in different countries. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. Through this code, it is possible to connect financial institutions worldwide to allow the sending and receiving of money.
For this reason, if you need to receive amounts in your Nomad account and the depositor has an account in another country other than the USA, you must inform the Swift code for this international transaction to take place. There is no need to use the Swift code for transfers between U.S. accounts.