When I was filling out bank forms, I was confused about what is BIC code. Especially for international transfers, you need to know the SWIFT or BIC code. I was scared that if I give the wrong number then I will end up losing the money I want to transfer. My bank manager cleared all my doubts about the topic.
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What is BIC code bank?
The full form of BIC is Business Identifier Codes. It is a code that is used to identify banks and financial institutions globally. This means that it is an international bank code or ID. The code is used between banks when money is transferred. This includes international wire transfers or SEPA payments.
What is bank BIC code?
It is an alphanumeric number that usually has 8-11 characters. Let me share the format of SWIFT or BIC code. AAAA Bank code, BB Country code, CC Location code and 123 Branch code.
BIC code and SWIFT code are the same things. For the most part :The bank code will be A-Z
4 letters will represent the bank.
The country code will be A-Z
2 letters represent the country the bank is in.
Location code 0-9 A-Z
2 characters are made up of letters or numbers. It says where that bank's head office is. Branch Code 0-9 A-Z
3 digits specifying a particular branch.
This is all from my end on what is BIC code
Read more :
What is IBAN number?
What is SWIFT code?
What is IFSC code ?
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What is BIC code ?
Trishna
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2022-08-12T19:26:54+00:00 2022-08-12T19:26:55+00:00Comment
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