A Bank Identification Code (BIC code) is a unique identifier for a specific financial institution. It is an international standard that identifies a bank or non-financial institution whenever someone makes an international purchase or transaction. BIC codes are used when transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks. BIC codes are composed of an 8 to 11-character code that identifies a specific bank. The code is arranged as follows:
- AAAA: 4-character bank code that looks like a shortened version of the bank’s name.
- BB: 2-character country code telling you which country the bank is in.
- CC: 2-character location code telling you where the bank’s head office is located.
- DDD: 3-character branch code (optional) telling you where the specific branch is located.
BICs are used by financial institutions for letters of credit, payments, securities transactions, and other business messages between banks. The identification scheme is managed by the Society for the Worldwide Interbank Financial Telecommunication (SWIFT) .
