What is a BIC code?
BIC stands for Bank Identifier Code and are used when transferring money between bank account to bank account.
A BIC Code is a unique address that identifies financial institutions involved in cross-border payments. It consists of eight to eleven characters which comprise the first three or all four of the following:
- Bank Code
- Country Code
- Location Code
- Branch Code
For example, the BIC code of ABN AMRO CAPITAL USA LLC is:
Also known as SWIFT-BIC, SWIFT ID or SWIFT code. BIC’s are allocated and managed by the SWIFT payment network.