BIC - Bank Identification Codes
When providing a foreign exchange broker with the banking details of the beneficiary account which you wish your funds to be transferred, we recommend you provide a BIC to speed up your transfers.
Most international banks use an electronic communication system called SWIFT to make automated overseas payments and use a BIC which is a unique reference number or code to identify all banks on the SWIFT network and specifically the bank with whom the beneficiary holds their account.
A BIC consists of either 8 or 11 characters only. The example of a BIC below illustrates how a BIC is created.
Example and anatomy of a BIC
Please note the example below is for illustrative purposes only.
Bank Code Country Code Location Code Branch Code
B A R C G B 2 2 X X X
This four-character The country code The Location Code This 3-character code
code is called the identifies the is a 2-character code is called the Branch Code.
Bank Code. It is country in which the which may be alphabetical It identifies a specific
unique to each financial institution or numerical. The location branch, or, for example,
financial institution is located. In this code provides geographical a department in a bank
and can only be made example, GB for distinction within a within the same country
up of letters. In this Great Britain. country e.g. cities, states, as the 8-character SWIFT
illustrative example provinces and time zones. BIC. This code may be
BARC represents the alphabetical or numerical.
Please note it is not essential to provide an 11 digit BIC if you don't have one. However, you will need to provide an 8 digit code instead.
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