what is a bank identification code

A Bank Identification Code (BIC) is an international standard for Business Identifier Codes, used to identify specific banks when making international transactions. It is also known as a SWIFT-BIC, SWIFT ID, or SWIFT code, after the Society for Worldwide Interbank Financial Telecommunication (SWIFT), which is designated by ISO as the BIC registration authority. The BIC is an 8 to 11-character code that consists of a 4-character bank code, a 2-character country code, a 2-character location code, and a 3-character branch code (optional) . BIC codes are used when transferring money between banks, particularly for international wire transfers, and for the exchange of other messages between banks. They are essential for ensuring that money goes to the right place when conducting international transactions. BIC codes can usually be found on bank statements, online banking accounts, or by contacting the local branch.