What Is a Business Identification Code (BIC)?

A Business Identification Code (BIC) is a unique code financial institutions use to facilitate international money transfers and other financial transactions. BICs are essential for cross-border payments because they help banks identify each other. When initiating a wire transfer, the sender’s bank uses the recipient’s BIC to route the funds to the right place.
BIC is the International ISO standard ISO 9362.

This standard regulates the structure of the BIC for financial and non-financial institutions.

What does a business identification code look like?

The BIC comprises 8 or 11 characters that identify the bank, the country, the city, and the branch (if applicable). The first four characters represent the bank code, the next two the country code, the following two represent the location code, and the last three are optional and represent the branch code.

Here’s an example of a BIC: ABCDBEBBXXX

• ABCD is the bank code
• BE is the country code (Belgium)
• BB is the location code (Brussels)
• XXX is the branch code

How do I find my Business Identifier Code?

Here’s how to find the BIC:

• Identify the bank account: If the business has several accounts, each account could have a unique BIC.
• Check the bank statements: The BIC is usually printed near the account information at the top or bottom of the statement. The business’s or individual’s bank can also provide the account number.
• Use BIC look-up tools: Many websites and online tools can identify a BIC based on the bank’s name or location. Some popular options include the SWIFT website, BIC Look-up, and the International Bank Account Number (IBAN) Calculator.
• Refer to business documentation: The BIC can also be included in business registration documents, such as the company’s incorporation certificate or tax identification number (TIN) registration.
• Double-check the BIC: Once the BIC is located, verify its accuracy by double-checking it against the official SWIFT BIC directory that lists all valid BICs.

What are BICs needed for?

BICs facilitate international payments through the SWIFT system, a secure network banks and financial institutions use to send and receive information, such as money transfer instructions. BICs also provide:

Banks’ unique identification

BICs are a globally recognized way for banks to differentiate themselves from one another and direct financial transactions to the correct recipient.

International payments processing

To send money abroad, the sender’s bank needs the recipient’s bank’s BIC to know where to route the money.

Improved accuracy and security

BICs ensure that funds go to the right intended recipient, reducing fraud and errors.

International regulation compliance

BICs enable financial institutions to track and monitor cross-border transactions, which helps them follow anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.

​​What is the difference between a BIC and a SWIFT Code?

The Bank Identifier Code and the SWIFT (Society for Worldwide Interbank Financial Telecommunication) code are 8 or 11-character codes for the bank code (first 4 characters), country code (next 2), and location or branch code (last 2 or 3).

Here are the key differences:

Are there fees associated with using BICs?

Most banks require a fee to send international payments. It can cost between $35 and $50 to send an international wire through BIC. Transfers may also come with a handling fee from corresponding banks. Bank transfers using SWIFT/BIC use one to three corresponding banks, each potentially charging its own fees.