Is a SWIFT code the same as a BIC?
Yes. SWIFT code is the everyday name for the Business Identifier Code (BIC), an 8 or 11 character code defined in ISO 9362 and assigned by Swift to identify a financial institution in a payment. It names the bank, not your account, so a payer always needs your account number or IBAN as well.
The wider picture
The key points from the guide this answer comes from:
- An IBAN or an account number identifies an account. A SWIFT code, or BIC, identifies a bank. Payments from abroad usually need one of each.
- US accounts have no IBAN. Payers in the US use the nine-digit routing number and the account number; payers abroad use the bank's SWIFT code and the account number.
- UK payers use the six-digit sort code and the eight-digit account number. Payers abroad use the UK IBAN, which contains both, and the BIC.
- Within SEPA, an IBAN and the payee's name are enough. The payer's bank can still ask for the BIC when either bank is in a non-EEA SEPA country, such as the UK or Switzerland.
More questions on this
- Does the US use IBANs?
- Is the routing number for ACH the same as for wires?
- What do I give a customer who wants to pay me in euros from the UK?
The full guide
An IBAN or account number identifies your account; a SWIFT code (BIC) identifies your bank. Payers in the US use a routing number and payers in the UK a sort code; payers abroad use an IBAN or account number with a SWIFT code.
Read SWIFT code vs IBAN vs routing number: which details do you need to get paid?, with its sources.
General information, not legal, tax or financial advice. Rules and providers' terms change; check the sources in the guide and take advice on your own situation.
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