Bank Identifier Code (BIC) Meaning

A Bank Identifier Code (BIC), also known as a SWIFT code, is a standardized international code that uniquely identifies banks and other financial institutions. Defined by the ISO 9362 standard, the code consists of eight or eleven alphanumeric characters: a four‑letter bank code, a two‑letter country code, a two‑digit location code and, optionally, a three‑digit branch code. The BIC is used to route cross‑border payments and other secure messages between banks.

When you initiate an international wire transfer, your bank uses the recipient’s BIC to ensure funds are sent to the correct institution. Because the code follows a global standard, it reduces errors and speeds up settlement. BICs are also used in messaging systems like SWIFT to exchange financial information securely.

Although the BIC identifies the institution, it must be paired with the beneficiary’s account number or IBAN to complete a transfer. Consumers and businesses often find the BIC on their bank statements or by searching their bank’s website.