BICs are standardised, allocated and managed by the SWIFT payment network. A BIC Code (BIC number) is a unique address that identifies financial institutions involved in cross-border payments.Ī SWIFT/BIC Code consists of eight to eleven characters (numbers and letters) which comprise the first three or all four of the following:įor example, the BIC code of ABN AMRO CAPITAL USA LLC is: FTSBUS33.Īlso known as SWIFT-BIC, SWIFT ID or SWIFT code.

What are SWIFT/BIC codes?īIC stands for ‘Bank Identifier Code’ and are used when transferring money between bank accounts. SWIFT has become the most dominant and standardised method for sending money to recipients in different countries safely, securely and relatively quickly. What is a SWIFT transfer?Ī SWIFT transfer is otherwise known as an international money transfer, SWIFT is simply the dominant messaging system used to transfer money across the globe to recipients in different countries.įounded in 1973, the SWIFT payment system consists of 11 thousand financial institutions, located in over 200 different countries worldwide and there are more than 35 million SWIFT transactions taking place every day. SWIFT stands for ‘Society for Worldwide Interbank Financial Telecommunication’, and is the largest and most widely used financial messaging system in the world. SWIFT payments are a method of making an international money transfer sent by the SWIFT international payment network.

Swift 3 to swift 5 converter online