BIC / SWIFT

The BIC (Bank Identifier Code), also known as the SWIFT code, is the international identifier of a banking institution. It has 8 or 11 characters and designates the bank, the country, the location and, where relevant, the branch. Combined with the IBAN, it routes a transfer to the right bank, especially for cross-border payments. Within the SEPA area the IBAN is often enough, but the BIC is still used outside it.