SWIFT and BIC are terms commonly encountered when arranging international bank payments.
What is a BIC?
A Bank Identifier Code identifies a financial institution for messaging and payment-routing purposes.
What is SWIFT?
SWIFT is a global financial messaging network. The term “SWIFT code” is commonly used when referring to a BIC.
Do all international transfers need one?
No. The details required depend on the countries, currencies and payment rails involved.
Check payment details
Incorrect payment details can delay or misdirect a transfer. Obtain the required instructions from the intended recipient or their provider and verify them before sending money.
Use the code supplied for the actual receiving account
A SWIFT/BIC identifies an institution in international payment messaging, but payment instructions can vary by account, currency and route. Copy the details from the recipient or provider rather than inferring them from a general guide.
Before sending
Verify the recipient name, account details, required routing information, currency and provider instructions. A reference guide should never replace the payment instructions for the actual account.