What is BIC or SWIFT?The Bank Identifier Code or BIC identifies the payment beneficiary’s bank — the bank that will receive the funds transfer. A BIC can be combined with the details provided by the IBAN to provide automated international funds transfers.Although BIC is often referred to by bankers as a SWIFT code or SWIFT address, do note that BIC is slightly different from SWIFT§. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication - a banking industry intranet for worldwide communications and funds transfer.Unlike the modern IBAN, the telex-era SWIFT (or BIC as it is now known) does not include a check sum for automatic validation. Fortunately, all banks doing regular international business have their full BIC details listed in the SWIFT online database shown above; access is free.§ Technical details: BIC comes in either an eight ( or eleven (11) character format with the digit 1 always in the eighth position e.g. PORA ITR1. SWIFT codes come in a similar eight or eleven character format with any alphanumeric character except 1 in the eighth position e.g. DEUT DEDK 390.What is IBAN?The International Bank Account Number or IBAN is a bank account number designed to simplify and speed cross border transfers; it is structured according to ECBS format. Every bank account in a participating EU/EEA country has an associated BIC + IBAN, which is clearly identified and printed on all bank account statements issued after July 2003.Examples of IBAN in written format - printed in sets of four characters for legibility:DE89 3704 0044 0532 0130 00FR14 2004 1010 0505 0001 3M02 606GB29 NWBK 6016 1331 9268 19GR16 0110 1250 0000 0001 2300 695MT84 MALT 0110 0001 2345 MTLC AST0 01SIn electronic format, IBANs are shown without spaces.
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Topic: Server Donations (Read 9426 times)
