What is a BIC Code?
A Bank Identifier Code (BIC) is an internationally standardized code used to identify banks and financial institutions globally. It is also known as a SWIFT code, as it is part of the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network, which facilitates international payments.
A BIC code typically consists of 8 or 11 characters, each with a specific meaning:
Example:
Understanding BIC codes is essential for anyone involved in international banking or financial transactions, as it ensures that funds are transferred accurately and efficiently across borders.