bank identifier codes

Definition

BIC. Series of codes developed by the International Organization for Standardization (ISO) to identify banks and their branches. These codes are generally only used by financial institutions, to conduct business between banks, such as wire transfers. A BIC code can be either 8 or 11 digits long; 8 digits would refer to a primary office of a bank, while an 11 digit code would refer to a specific branch location. The code specifies the bank, country, specific location (such as city), and branch. See bank identification number (BIN). also called SWIFT codes, SWIFT ID, ISO 9362.

Use this term in a sentence

You should make sure that you always know any bank identifier codes you will need before you go to the deal.

​ Was this Helpful? YES  NO 11 people found this helpful.

The bank identifier codes were really interesting to me and I wondered exactly how it worked and what it did for everyone.

​ Was this Helpful? YES  NO 2 people found this helpful.

Banks around the world have bank identifier codes which recognize the identify of the various financial institutions and is presented by a digit code.

​ Was this Helpful? YES  NO 3 people found this helpful.

Show more usage examples...

Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
bank identification number bank insurance