Swift/BIC Codes by Country
SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. A SWIFT code is an internationally recognized code used to identify a specific bank in an international transaction. It is an 8 or 11-digit code that is unique to each bank and helps to ensure that funds are transferred to the correct recipient. The first 4 characters of a SWIFT code represent the bank's code, while the next two characters represent the country code, and the remaining characters identify the specific bank branch.
BIC stands for Bank Identifier Code. It is a unique code used to identify a bank or financial institution in international transactions. A BIC code is an 8 or 11-digit code that is similar to a SWIFT code, and often these terms are used interchangeably. The first 4 characters of a BIC code represent the bank's code, the next 2 characters represent the country code, and the remaining characters identify the specific bank branch.
Both Swift codes and BIC codes are important in facilitating international financial transactions as they help to ensure that funds are transferred to the correct recipient, and they provide a standardized system for identifying banks and financial institutions across the world.
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