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What is a Bank Identification Code (BIC) / SWIFT code?

April 26, 2017Bank BIC code Identification Swift

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What is a Bank Identification Code (BIC) / SWIFT code?

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A. A BIC is one of the most common forms of bank code used to identify individual banks. SWIFT code/ address and a BIC are the same thing and are interchangeable terms. SWIFT is the process the Commonwealth Bank uses to send money overseas (similar to BPay used for domestic payments) and a BIC is the code that the SWIFT system uses to identify banks worldwide. A BIC will either have 8 or 11 digits, depending on the bank you are sending the IMT to.