BIC

The business identifier code is an international code used by banks for financial transactions. Each bank has its own BIC. This ensures that European and international payment orders automatically reach the correct bank and branch. BIC is also referred to as a SWIFT address or SWIFT code. BIC can be 8 or 11 characters long, depending on whether it includes branch information and the first 6 characters are always letters.

The structure of a BIC consists of:

• 4 Characters – identifying the institution. (only letters)
• 2 Characters – country code. (only letters)
• 2 Characters – location code. (letters or digits)
• 3 Characters – optional branch code. (letters or digits)