What is a SWIFT/BIC code?

sending-money-abroad

#1

A SWIFT or BIC code is used to identify banks and financial institutions globally. It says who and where in the world they are — in other words, it functions as an international bank code or identification. These codes are usually used when money’s being transferred between banks, particularly for international wire transfers or SEPA payments, and banks also use these codes when exchanging messages.


#2