BIC

(Bank identifier code, "BIC", also "SWIFT code" is an international term).

The BIC is an international code that uniquely identifies banks worldwide and is used for cross-border transfers.

BIC

The BIC (Bank Identifier Code), also known as the SWIFT code, is a unique identifier for financial institutions. It consists of 8 to 11 alphanumeric characters and is used to identify banks in international transactions. The BIC makes it possible to correctly assign the recipient institution and ensure that funds are transferred quickly and reliably.

For cross-border payments, the BIC is particularly important as it ensures that the correct bank is reached. Payrexx, a renowned payment provider, enables the easy integration of the BIC into payment forms to ensure smooth and secure transfers.

BIC examples

A customer sends money abroad and specifies the BIC of the recipient institution to ensure that the payment is allocated correctly.

For international business transfers, the BIC is used to ensure that the transaction is processed successfully.

When receiving payments from abroad, the BIC is needed to identify the correct bank and allocate the funds.

BIC FAQ

  • The BIC (Bank Identifier Code) is used in payment forms to ensure the identification of a bank in international money transfers. For international transfers or payments, the BIC is used to identify the receiving bank. It is often given along with the IBAN (International Bank Account Number) to ensure that the money is sent correctly and securely to the correct bank and account. The BIC helps to uniquely identify banks, especially for cross-border financial transactions.

    • Bank documents: The BIC is often listed on your bank statements, credit card statements or other bank documents.

    • Online Banking: If you use online banking, you may find the BIC when you log into your account and access account details or similar information.

    • Bank website: Many banks provide the BIC on their official website, either on the contact details page or the information for international transfers.

    • Bank branch: You can also ask your bank branch directly if you need the BIC. The staff there can give you this information.

    • IBAN calculator: In some online tools or IBAN calculators, the BIC is often displayed together with the IBAN.

    • Customer service: If you are unsure, you can contact your bank's customer service and ask for the BIC.

    It is important to ensure that you use the correct BIC, especially for international transactions, to ensure that the money is allocated properly.

  • The BIC (Bank Identifier Code) is important for cross-border transfers as it is used to identify the correct bank for international money transfers. Banks have different BICs that uniquely identify them. For international transfers, there may be different banks with similar names, so the BIC is critical to ensure that the money gets to the right bank. Together with the IBAN (International Bank Account Number), the BIC ensures that transactions are processed accurately and securely across national borders. This minimizes the risk of misallocations and ensures that payments are processed smoothly.