Also called: BIC, SWIFT Code, SWIFT/BIC
What a BIC is
A BIC, or Bank Identifier Code, identifies a financial institution in payment instructions. Banks use it to identify the recipient bank for an international transfer. The code does not identify an individual account, so it is not a substitute for an account identifier such as an IBAN.
A BIC has 8 or 11 letters and numbers. The first four characters identify the institution, the next two identify the country, and the following two identify the location. An optional final three-character branch code identifies a branch; XXX is commonly used for a bank's head office.
A BIC identifies the bank, not the account, so accurate account details still matter.
How BIC relates to SWIFT
People commonly call a BIC a SWIFT code, and payment forms often use the labels interchangeably. Strictly speaking, BIC is the standardized identifier, while SWIFT is the organization associated with the global financial messaging network and the BIC registration authority.
The BIC identifies the bank in the payment details; the SWIFT network carries financial messages between institutions. Neither code names your customer's account. For a cross-border payment, use the account details requested by the receiving bank, including an IBAN when the payment instructions require one.
Where your business uses a BIC
A US business encounters a BIC when sending or receiving an international bank transfer, including a wire. The bank's payment form may ask for the beneficiary bank's BIC alongside the beneficiary's account details. US banks do not use IBANs for domestic accounts, but an overseas recipient may provide an IBAN for an international payment.
Enter the code in the beneficiary bank field exactly as provided, without spaces or a label such as "BIC." Verify it against the bank's payment instructions or the beneficiary's confirmed account details. A wrong or missing code can lead to a rejected or returned payment, delays, and additional bank fees.
What you can actually change
A BIC does not set your card-processing rates, and there is no separate BIC fee established by the information here. You control the accuracy of the bank details your business sends and the payment instructions you give customers.
- Get the BIC from the receiving bank's official payment instructions or a verified beneficiary record.
- Match the BIC to the beneficiary bank and pair it with the correct account identifier, including an IBAN when requested.
- Check payment forms and invoices for missing or mistyped bank details before sending or requesting an international transfer.
- If a payment is delayed or returned, compare the submitted BIC and account details with the bank's instructions before resending.
- Confirm the details. Use the beneficiary bank's official instructions to verify the BIC and the account identifier before you submit a transfer.
- Check the payment form. Enter the code in the beneficiary bank field without spaces, and keep it separate from the account number.
- Trace returned payments. Compare the BIC and account information on the rejected transfer with the recipient's confirmed details before sending it again.
Frequently asked questions
Is a BIC the same as a SWIFT code?
The terms are commonly used interchangeably on international payment forms. BIC is the standardized bank identifier, while SWIFT is the organization and financial messaging network associated with the code. A SWIFT code on a payment form usually means the bank's BIC.
Does a BIC identify a bank account?
No. A BIC identifies the financial institution, and its optional final three characters can identify a branch. The account is identified separately, using the account details requested for that transfer, such as an IBAN where applicable.
Does a US business need a BIC to send an international wire?
Your bank's instructions determine which details the transfer needs. For an international payment, the form may request the recipient bank's BIC and the beneficiary's account details. Check the recipient's verified payment instructions, because incorrect or missing information can delay or return the transfer.