What is a BIC code?
A SWIFT code - or SWIFT number is a standard format to uniquely identify banks and financial institutions across the world. The SWIFT code is a standard format for Business Identifier Codes (BIC).
If you transmit money internationally you almost always need to use a BIC code, as it’s the way banks and money transfer services identify where to send money on a global scale. You can think of a SWIFT code a bit like a ZIP/postal code. Your bank can use the SWIFT/BIC code to find another bank on the other side of the world. Like sending post to an incorrect ZIP/postal code means it could get lost, the same thing can apply for your money and an incorrect SWIFT code.
What does a SWIFT look like?
A SWIFT code can be either 8 or 11 characters long:
AAAA BB CC DDD
- AAAA: 4 character bank code.Just letters, no numbers.
- BB: 2 character country code. ISO alpha-2 country code.
- CC: 2 character location code.
- DDD: 3 character branch code. Optional. Can include letters or digits. An XXX here would refer to the primary office.
More info about SWIFT/BIC codes
There are 2 types of SWIFT code: live and passive. Live codes are for financial institutions who are connected to the SWIFT network while passive Codes are used for manual transactions. Passive SWIFT codes will have a 1 as the second digit of the 2 character location code.
SWIFT code registrations and management are the responsibility of "Society for Worldwide Interbank Financial Telecommunication" (“SWIFT”) which is located in La Hulpe, Belgium.
SWIFT is the registered trademark of S.W.I.F.T. SCRL with a registered address at Avenue Adèle 1, B-1310 La Hulpe, Belgium.