Glossary item

Bank Identification Code (BIC)

This is a code used by SWIFT (Society for Worldwide Interbank Financial Telecommunication). It uniquely identifies a financial institution, its country and its branches.


The BIC should be 11 characters long. If you are given an 8-character BIC, you can convert this to 11 characters by adding XXX to the end. The first four characters refer to the bank, the fifth and sixth characters designate the country and the final three characters represent the branch. XXX usually means the payment is being remitted to the bank's head office.

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