BIC and SWIFT codes are things you’ll likely encounter when you want to make a foreign transfer. They are unique codes that banks use to identify themselves. This article will explain what they are, how they work, and where you can find the correct codes for your financial institution.
What Is A BIC/SWIFT Code?
They are the same thing and are used interchangeably. SWIFT stands for Society for Worldwide Interbank Financial Telecommunications, a global communication system banks use to send and receive instructions. Every banking institution connected to this network is assigned a unique Bank Identifier Code (BIC), just like every smartphone owner has a unique phone number. This BIC is also called a SWIFT code.
What Does It Look Like?
It consists of 8 to 11 characters in this format; AAAABBCCDDD.
- The first four letters (AAAA) represent the banking institution’s name.
- The following two letters (BB) represent the country the institution is located in.
- The following two letters (CC) signify the bank’s head office.
- The last three letters (DDD) identify a specific banking branch.
Here’s an illustrative example; BOFAUS3NXXX.
- BOFA represents the Bank of America Corporation.
- US represents the United States of America.
- 3N represents Bank of America’s head office in Charlotte, North Carolina.
- XXX can represent any specific BofA branch.
Where Can You Find SWIFT Codes?
You can find the correct BIC/SWIFT code through several means;
- Bank statements. You’ll usually find the code at the top or bottom of an official banking statement. You can always request one from your financial institution.
Customer service. You can call your institution’s customer service line and ask for the BIC of a specific branch.
