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What is SWIFT / BIC code?
He Swift Code (Society for Worldwide Interbank Financial Telecommunication) is the way to identify the receiving bank when making an international transfer, it is something like the passport number of each branch. This helps us to have a better tracking of our transfers, avoiding errors and increasing security in money transfers.
Is a alphanumeric series consisting of 11 digits: the bank code, the country code, followed by the city code and the specific branch.
He Swift Code is also known as BIC (Bank Identifier Code). In themselves they are the same code, there may be some banking entities that ask you for the information using the term BIC code, but it is the same alphanumeric code in both cases.
When is it used?
He Swift Code uses only for international transfers to countries that do not belong to SEPA (Single Euro Payments Area or 'Single Euro Payments Area' in English). In the countries belonging to the SEPA zone, which include all those in the European territory, the IBAN (International Bank Account Number) format is used.
Where can I find a SWIFT code?
you can find the Swift Code from a bank in various places, either within your bank statements, in your online banking, by doing an online search, or by making an inquiry with your bank directly.
Check here our list of SWIFT / BIC codes in Spain:
Do you want to know more about international transfers?
At Fazil, we believe that managing our money does not have to be complicated or boring. For know more about the international transfers, read our post about the subject, explained Fazilisimo here.
