What Is a SWIFT Code / BIC Code and How Does It Work? | N26

If you’re sending money abroad, you need to make sure it gets to the right place. That’s where a SWIFT code comes in. What is a SWIFT code? It’s an alphanumeric code that helps to identify your bank.

You may have heard SWIFT code and BIC code being used at the same time, or even interchangeably. That’s because they are actually one and the same. BIC, which stands for Business Identifier Code, refers to the actual series of numbers and letters, while SWIFT refers to the organisation (the Society for Worldwide Interbank Financial Telecommunication) that regulates these codes.

A SWIFT/BIC code contains information about your bank and the country it’s located in. It may also include other information about a bank’s department, unit or branch. Since each bank has its own unique SWIFT code, these codes make sure your money ends up in the right place.

Most banks and transfer services ask for a SWIFT code to complete an international wire transfer, so it’s good to know your bank’s SWIFT code. You can find your SWIFT/BIC code on your bank card or on your bank statements. They are either 8 or 11 characters and are a mixture of numbers and letters.

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[GeoNeilUK]

The thing about SWIFT/BIC and IBAN numbers is aren't they kind of competing with debit card numbers from Visa or MasterCard.

In the UK, we have sort codes and account numbers within the UK's domestic banking system so an IBAN is going to be a superset of that. Like dialing +44 in front of a UK telephone number.

[LisaBrearley]

Question - in Thailand and it says Branch of Account Owner AND it is 4 digits (those 3 X's)

[LisaBrearley]

Thank you for the well-paced explanation - ahhhh got it

[parapendejadas]

"might seem confusing" ? right on! 😀

[schemesgoboom]

I was looking for SWIFT CODE... programming language by Apple Inc. but thanks anyway

[maryswag]

My boss in saudi has transferred money to My client here in UAE on 2nd may 2023 on behalf of me ....the money has reached the receiver's incoming swift but still the fund hasn't hit the receiver's bank account don't know why....more than 8 days the receiver hasn't receive the money yet....i hate swift

[NessaJ]

Ok this bank is asking for “SWIFT/BIC” I put it in but it’s saying it’s invalid

[yuuf]

That was surprisingly Entertaining and Informative. I might start watching the news if you present it. :)

[superawesomechannel]

Weldone and Thank you so much for your amazing video. Thanks once again and goodbye. God please you.

[mankulsijilys]

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(●(☆{[>《>°•○_◇_○•°>》<]}☆)■)

[jeffreydani]

Please can anyone tell me what is a swift unique reference or order number?

[nomanmohd]

What if Field Reference Number of beneficiary ?

[jordantejeda]

soo Gotti, just not appropriate for this