GLOSSARY
BIC (Bank Identifier Code)
An 8 or 11 character code identifying a specific financial institution for international wire transfers.
A BIC is an 8 or 11 character alphanumeric code, standardized under ISO 9362, that uniquely identifies a bank or financial institution in cross-border payment messaging.
Why it matters
When you initiate an international wire transfer, the BIC routes the payment to the correct receiving bank. The first four characters identify the institution, the next two indicate the country, two more specify the location, and an optional three-character suffix identifies a specific branch. Without the correct BIC, your MT103 payment instruction may be delayed or rejected.
Do not confuse BIC with IBAN: the BIC identifies the bank, while the IBAN identifies the account. SEPA payments within Europe require both. You can verify BICs through the SWIFT BIC directory at swift.com.