What is a Bank Identifier Code?

What is a Bank Identifier Code?

A Bank Identifier Code (BIC), also known as a SWIFT code, is a unique alphanumeric code used in international financial transactions to designate a specific bank or financial institution. BICs are essential for international wire transfers and other cross-border payments because they ensure that funds are sent to the correct recipient bank. They are commonly termed as BIC, which stands for Bank Identifier Code....

Where is the BIC Code Located?

The Bank Identifier Code (BIC) or SWIFT code for a particular bank can typically be located in one of the following locations, depending on how you intend to access or share this information:...

How to Use the BIC Code?

A Bank Identifier Code (BIC) can be compared to a country’s international ZIP code. Like a street address helps in the delivery of mail, a BIC helps in the delivery of international wire transfers by identifying the receiving financial institution. The BIC consists of three parts: the bank’s name, the bank’s nationality, and optionally, additional information about the bank’s location or branch. For this reason, the BIC of the recipient bank must be included in all international wire transfers. Using the correct address ensures that your letter reaches the intended recipient. International wire transfers are now safe and reliable thanks to BIC codes....

Structure of BIC

A bank identification code is arranged as follows:...

Need of BIC

The following factors demonstrate the importance of a Bank Identifier Code (BIC):...

Benefits of BIC

The Bank Identifier Code has the following benefits:...

Difference between BIC and IBAN

Both SWIFT numbers and IBANs are widely used across the world to uniquely identify bank accounts during wire transfers. The needed identity varies by country and by the recipient’s financial institution....