How to Use the BIC Code?
A Bank Identifier Code (BIC) can be compared to a country’s international ZIP code. Like a street address helps in the delivery of mail, a BIC helps in the delivery of international wire transfers by identifying the receiving financial institution. The BIC consists of three parts: the bank’s name, the bank’s nationality, and optionally, additional information about the bank’s location or branch. For this reason, the BIC of the recipient bank must be included in all international wire transfers. Using the correct address ensures that your letter reaches the intended recipient. International wire transfers are now safe and reliable thanks to BIC codes.
Bank Identifier Code must always be provided with caution, as entering and confirming the incorrect code could result in the financial transaction failing or the money being sent to an unauthorised recipient. Nowadays, the traditional BIC transfers have been replaced by TransferWise, which is smart, efficient, and enables real-time transactions.