![]() ![]() If you’re transferring a payment internationally, double-check your SWIFT code.Įrrors can create delays, result in your money being refunded, or even result in it being transferred to the incorrect account. What Is the Best Way To Check A SWIFT Code? The phrases SWIFT codes and BIC codes, as well as SWIFT/BIC codes, are interchangeable. The issuing organization that regulates the usage of BIC codes is SWIFT. What Is the Difference Between SWIFT And BIC Codes? ![]() This is an 8 or 11-digit number that indicates which bank owns the account to which you’re sending money.īIC codes are sometimes known as SWIFT/BIC codes or just SWIFT codes. You may be asked for a BIC code if you’re making or receiving an overseas payment. SWIFT assigns these codes to banks and other financial and non-financial entities as standardized reference numbers. What is BIC?īusiness Identifier Code (BIC) is an abbreviation for Business Identification Code. If you wish to transmit money internationally over the SWIFT network, you’ll need a SWIFT code. When people talk about SWIFT/BIC codes, also referred as SWIFT numbers, they’re referring to the 8 or 11 digit numbers that are used to identify various banking organizations and branches when sending money internationally. When conducting international transactions, banks and payment providers utilize a SWIFT code, which is a Business Identifier Code (BIC). The Society for Worldwide Interbank Financial Telecommunication is known as SWIFT. Fourth 3 strings – branch code, optional – ‘XXX’ for primary office.Third 2 strings – location code, passive participant will have “1” in the second character.Second 2 strings – ISO 3166-1 alpha-2 country code.You may also look for all of the SWIFT codes for a specific nation. To find a SWIFT code, use the form above to pick your nation, bank, and city. ![]() When making international payments, SWIFT and BIC codes are used all around the globe to identify bank branches, ensuring that your money arrives to the appropriate location. The ISO 9362 standards for transferring money throughout the world include SWIFT and BIC codes.īIC stands for Bank Identifier Code, while SWIFT is for Society for Worldwide Interbank Financial Telecommunication.
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