.svg){kind=logo}
BIC
BIC stands for Bank Identifier Code.
A BIC code, also known as a SWIFT code, is an 8-11 character code that uniquely identifies a specific bank branch involved in international money transfers. It's like a postal code for banks, ensuring that funds are directed to the correct financial institution and its specific location.
Is BIC the Same as a SWIFT Code?
BIC and SWIFT are essentially the same thing.
While the terms might sound different, they both refer to the unique code used to identify banks and their branches for international money transfers.
BIC stands for Bank Identifier Code. It's the actual code format. On the other hand, SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. It's the network that uses these BIC codes to facilitate secure financial transactions between banks globally.
So, when you hear "SWIFT code" or "BIC code," they both mean the same eight to eleven character code used to identify a specific bank branch.
What a BIC Code Looks Like
A BIC code is typically an 8-11 character alphanumeric code structured as follows:
- Bank Code (4 letters): This part is usually an abbreviated version of the bank's name. For example, CHAS for JPMorgan Chase.
- Country Code (2 letters): This represents the country where the bank is located. For instance, US for the United States.
- Location Code (2 letters or numbers): This identifies the city or location of the bank's head office.
- Optional Branch Code (3 letters or numbers): This is used to specify a particular branch. If omitted, it's assumed to be the head office (indicated by "XXX"). Example: CHASUS33XXX CHAS: JPMorgan Chase US: United States 33:
- Location code (specific to the bank) XXX: Head office
How to Find Your BIC Code
1. Check Your Bank's Website or Mobile App
The most convenient way to find your BIC code is often through your bank's online or mobile banking platform. Look for sections related to international transfers, account details, or contact information. The BIC code is usually clearly displayed.
2. Contact Your Bank Directly
If you cannot find the BIC code online, contact your bank's customer service department. They can provide the correct BIC code for your specific account.
Online BIC Code Search Tools
While there are online tools that claim to provide BIC codes, it's essential to use reputable sources to avoid inaccuracies. Some banks and financial service providers offer BIC code search tools on their websites. However, always verify the information obtained through these tools with your bank.
Caution: Be wary of using unverified online tools, as incorrect BIC codes can lead to delays or failed transactions.
Is There a Fee for Using BIC/SWIFT Numbers?
No, there's no fee associated with the BIC/SWIFT code itself. This code is simply a standardized identifier for banks,used to route international money transfers efficiently.
However, when you initiate an international money transfer using a BIC/SWIFT code, you'll likely encounter fees:
- Transaction fees: Your bank might charge a fee for processing the transfer.
- Intermediary bank fees: If your bank and the recipient's bank don't have a direct relationship, intermediary banks might charge fees.
- Exchange rate fees: If the currencies differ, you might incur exchange rate fees.
So, while the BIC/SWIFT code itself is free, the overall cost of an international transfer can vary depending on these factors.
Common Errors with BIC Codes
To ensure smooth international money transfers, it's crucial to avoid these common BIC code mistakes:
- Typos or inaccuracies: Even a single incorrect character in a BIC code can lead to delays or failed transactions. Double-check the code carefully before initiating the transfer.
- Wrong branch BIC code: If the recipient bank has multiple branches, using the wrong BIC code (for example, the head office instead of the specific branch) can cause delays or misdirected funds. Always confirm the correct BIC code for the intended recipient branch.
Simplify Payroll with RemotePass
Managing payroll for a globally dispersed workforce presents significant challenges, from navigating complex tax laws to ensuring timely and accurate international payments.
RemotePass simplifies this process by offering a robust platform designed to streamline international payroll operations.
Our platform seamlessly integrates with leading payroll providers like Wise Business, ensuring secure and efficient cross-border payments. Additionally, we automate tasks like BIC code verification and currency conversions, further simplifying the payroll process.
Related Glossaries
Employment status
Refers to the status an employee has with an employer. Are they a contractor, or an employee?
Remote Work
Remote work refers to a working arrangement where employees do not have to report to a traditional office space
Performance review
A formal assessment in which a manager evaluates an employee’s work performance.
Related Articles
Introducing the RemotePass Physical Card for Remote Workers
In this article, we introduce the RemotePass physical card for underserved remote teams, including what it is, why it is so exciting, and how to order yours.
Hear what teams love
about using RemotePass.
Love it! It has been an essential tool for us, the perks of having everything at the point of my fingers. Using RemotePass has been super efficient. The platform is user-friendly and fast, and communication with customer service is truly a "gold standard".
Working with RemotePass has been extremely easy and effortless. The customer support team are second to none - always quick to respond, always helping with desire and delivering perhaps some of the best customer service we have ever encountered. Onboarding new contractors and employees is quick and easy, and we are happy to recommend RemotePass to others
RemotePass has hands down been one of the best (useful and easy to use) platforms I've worked with in the past few years!
RemotePass has been a great success partner for Amwal, it truly enabled us to be international talent friendly. Attracting top talent without the hassle of thinking how we would hire and pay abroad.
RemotePass has really helped us take the pain out of managing salary payments, contract managements, and admin work with our remote teams. They feel much more in control and more connected because of it.
RemotePass is a game-changer for us. It has made managing our remote teams effortless and has greatly improved the process of hiring, managing and collaborating with our team remotely. Highly recommended
We’re delighted to express our satisfaction regarding our collaboration with RemotePass. Their cutting-edge cloud-based platform has revolutionized our workforce and hiring procedures, enabling us to enhance efficiency and effectiveness in managing everything. It serves as a comprehensive solution that has greatly simplified our operations, making remote work effortless.
RemotePass has been so efficient for us as we have at least 60% of our team being remote. Especially for tracking if everyone has been paid out or if they have reimbursements, we don't have to manually do it one by one anymore. It's also really good since we are in compliance with each and every single one of our remote teams' place of residence.
Brilliant service. We love and we'd be using it for the years to come. Also great customer success management as well!
We love the entire system you guys have built, it's user-friendly and in particular we love the automated notifications part. Employees are automatically informed about the payment status and they receive the payment in a couple of hours after they get notified vs. manually asking us. Thanks for your ongoing support
Using RemotePass has been an absolute game-changer for our operations - knowing that we have a reliable partner on our side even in complex regions efficiently (this has previously been a big headache for us), allows our teams to focus exclusively on client service and product delivery
We were looking for a simple and affordable product and RemotePass more than delivered. RemotePass helped us streamline and manage our remote teams. RemotePass understood us as a company and provided us the support and confidence that we are compliant with regulations, our remote teams have excellent support, and that we made the right choice
RemotePass has been very helpful as it streamlines the payment process to our consultants, with a simple 2 to 3 clicks the job is done. It is effortless and straightforward to use. The most important thing is that It eliminates any compliance risks we might face, and the lengthy verification process. Overall the system is excellent, and I would recommend it to other organizations.
The product has been incredibly a game-changer for us as we scaled our team globally. Creating a great first impression when onboarding remote teams. Everything centralized in one place. Love it!
Our work with RemotePass is a partnership based on trust and credibility we are proud to have. With RemotePass services, onboarding and payroll for our global team is well managed and our employees feel safe and cared for.
I was instantly impressed with the UI/UX of the RemotePass platform, it is incredibly user-friendly and the feedback I have received from the remote workers has been excellent. Having supplied contract and remote staff to clients in the Middle East for several years, I have been used to a very manual and labor-heavy process when it comes to payroll and compliance. After one demonstration from the team at RemotePass I switched from using an existing supplier, as I get better value and service using this platform.
.svg)
