#Bic to swift converter how to
How to make your international money transfer
Not all banks include the branch identifier code, which means they may have a shorter eight-digit BIC.
#Bic to swift converter code
These are followed by a two-digit location code and a three-digit branch identifier code. What do the numbers and letters on a BIC code mean?Ī BIC code is made up of either eight or 11 letters and numbers: the first four are the bank code and the next two are the country code. Alternatively, you can ask your bank if they will provide you with the BIC for the bank to which you are sending money. If you don’t know the recipient’s BIC code but you do know the country and bank name, you can usually locate it using an online BIC code search tool. You can usually find your own BIC/SWIFT code at the top of one of your bank account statements. Your IBAN number is essentially a unique identification code for your bank account, detailing which country it is in, the account number and sort code. For any transaction that involves sending a large amount of currency, the benefits for both parties are obvious.Īs well as a BIC code, you will also need an IBAN or International Bank Account Number when you make an international currency transfer. If you want to send money abroad you will need the BIC code of the recipient likewise if you are receiving a payment from overseas the sender will need your BIC code. The name varies by institution and it is often the case that a bank in a country you are transferring money from will use a SWIFT code while the one in a country you are sending money to uses a BIC code. Yes, a SWIFT code is simply another name for a BIC code – there is no difference between them and they perform exactly the same function.
SWIFT stands for Society for Worldwide Interbank Telecommunications.Īll banks and financial institutions are assigned a BIC or SWIFT code and these are used to process international money transfers safely and securely using the SWIFT system. This is where BIC and SWIFT codes come in.Ī SWIFT code is a standard format of a BIC code (Business Identifier code) which is used to identify banks globally. If you send money abroad, your priority is to guarantee that your payment will end up at the correct destination. What is a SWIFT code? It exists to ensure the safety and security of the trillions that are transferred internationally each day
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