SWIFT/BIC

SWIFT/BIC (Business Identifier Code) is an 8 or 11-character code that uniquely identifies a specific bank (and optionally a branch) on the SWIFT network, used alongside an IBAN to route international wire transfers between banks across borders.

Applies in: Global

SWIFT and BIC are two names for the same thing. SWIFT is the network (Society for Worldwide Interbank Financial Telecommunication) that connects banks for international messaging. BIC is the codename used to identify a bank within that network. People call it the SWIFT code or the BIC code interchangeably; it is the same 8 or 11-character identifier.

The structure encodes the bank, country, location, and (optionally) branch. BARCGB22 breaks down to BARC (Barclays), GB (United Kingdom), 22 (London head office). DEUTDEFF is Deutsche Bank, Germany, Frankfurt head office. An 11-character BIC adds a 3-character branch code at the end. For invoicing, you typically see the 8-character head-office BIC.

On an invoice for an international transfer, the buyer needs both the IBAN and the BIC. The IBAN identifies your specific account; the BIC identifies the bank holding that account, which the buyer's bank uses to route the payment. For domestic transfers within a country (UK Faster Payments, US ACH, EU SEPA), BIC is not required; for cross-border SWIFT wire transfers, it is essential.

Common questions about SWIFT/BIC

Is BIC the same as SWIFT?

Yes, two names for the same code. SWIFT is the network; BIC (Business Identifier Code) is the identifier used on the network. People say "SWIFT code" and "BIC" interchangeably. Both refer to the same 8 or 11-character string that identifies a bank for international transfers.

What is the difference between an IBAN and a SWIFT/BIC?

IBAN identifies an account. BIC identifies the bank holding that account. For an international wire transfer, the buyer's bank uses the BIC to route the payment to the right bank, then the receiving bank uses the IBAN to credit the right account. You need both for cross-border transfers; domestic transfers within a country often need only the local account format.

Do I need a BIC for SEPA payments within the EU?

Not since February 2016 for domestic SEPA payments, and not since February 2014 for cross-border SEPA payments within the eurozone. SEPA standardised on IBAN-only routing for euro transfers within the SEPA area. For non-euro or non-SEPA cross-border transfers, BIC is still required.

Use JupiterInvoice for SWIFT/BIC

SWIFT/BIC on a JupiterInvoice invoice is a field, a label, and an audit trail your buyer can act on without an email back-and-forth.

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Related terms

IBAN Sort code ACH

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