What is a BIC/SWIFT Code?
SWIFT payments are a method of making an international money transfer sent by the SWIFT international payment network. It stands for Society for Worldwide Interbank Financial Telecommunication, and is the largest financial messaging systems in world. A SWIFT code (swift number) is an international bank code that identifies banks all over the world and is also known as a Bank Identifier Code (BIC).
BIC stands for Bank Identifier Code and are used when transferring money between bank account to bank account. A BIC Code (BIC number) is a unique address that identifies financial institutions involved in cross-border payments. A SWIFT/BIC Code consists of eight to eleven characters (numbers and letters) which comprise the first three or all four of the following:
For example, the BIC code of ABN AMRO CAPITAL USA LLC is: FTSBUS33
Also known as SWIFT-BIC, SWIFT ID or SWIFT code. BICs are allocated and managed by the SWIFT payment network.
When making a SWIFT transfer for the purpose of international money transfers, your bank is likely to charge a fee. Also note that when SWIFT money transfers are in transit, you may incur handling fees from corresponding banks. Get in touch with our in-house foreign exchange experts for more information.