Jargon Busters

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.