A Bank Identifier Code (BIC) is an international standard for Business Identifier Codes, a unique identifier for business institutions, approved by the International Organization for Standardization. BIC codes are used to identify banks globally and are used to send money between banks to ensure that the money goes to the right place. BIC codes are also known as SWIFT codes, SWIFT-BIC, SWIFT ID, or SWIFT number, after the Society for Worldwide Interbank Financial Telecommunication (SWIFT), which is designated by ISO as the BIC registration authority. BIC codes are usually assigned to financial organizations, but when assigned to non-financial organizations, the code may also be known as Business Entity Identifier (BEI) .

A BIC code is an 8 to 11-character code that is used to identify a specific bank when you make an international transaction. All BIC and SWIFT codes follow the same format, which consists of 8-11 characters and is arranged as follows:

• AAAABBCCDD
• 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

BIC codes are used when transferring money between banks, particularly for international wire transfers or SEPA payments. Banks also use these codes to exchange messages between each other.