A BIC (Bank Identification Code) is an alphanumeric code to identify specific banks around the world. The BIC is functionally identical to a SWIFT code and serves the same purpose.
BICs are used to identify the recipient’s bank network, and are used together with other information like account numbers and routing numbers. A BIC allows for the faster and easier exchange and deposit of currency around the world and is an essential part of international money transfers.
BICs are formatted in the same way and are identical to a SWIFT code. The first four characters are letters and specify the bank’s name. The next two characters are also letters and define the country code where the bank is located. The next two characters are alphanumeric and help to specify the bank’s location. There may be a final three alphanumeric characters that provide further details on the bank.
The organization that defines and controls SWIFT also defines and controls BICs. They are a global member-owned cooperative and the world’s leading provider of secure financial messaging services.
Money Transfer Glossary
When it comes to exchanging money, paying for your transfer, understanding exchange rates and more, it’s important to understand what all the details mean. But don't worry. We’ve got you covered with our complete Monito glossary and guide to the most frequent terms you’ll come across when you send or receive money internationally.
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