What Are SWIFT and BIC Codes?

When sending money abroad, especially through bank transfers, you may have come across the terms SWIFT code and BIC code. These banking codes play a crucial role in ensuring your money reaches the right destination securely and efficiently. But what exactly are they, and why do they matter?

What Is a SWIFT Code?

A SWIFT (Society for Worldwide Interbank Financial Telecommunication) code is a unique identifier assigned to banks and financial institutions globally. It helps facilitate secure international payments by ensuring that transactions are routed correctly between banks.

Each SWIFT code consists of 8 to 11 characters, which represent:

• Bank Code (4 letters)– representing the bank’s name. 
• Country Code (2 letters) – representing the country the bank is situated in.
• Location Code (2 characters made up of letters/numbers) – representing the bank’s location.
• Branch Code (3 digits) – Identifies the specific branch.

For example, a SWIFT code for a Canadian bank might look like this: ROYCCAT2 (for the Royal Bank of Canada).

What Is a BIC Code?

A BIC (Bank Identifier Code) code is essentially the same as a SWIFT code. The terms SWIFT code and BIC code are often used interchangeably. The BIC code ensures that banks and financial institutions can communicate securely when processing international money transfers.

Why Are SWIFT and BIC Codes Important?

1. Ensuring Secure Transactions – These codes help in verifying the correct recipient bank, reducing the risk of sending money to the wrong account.
2. Faster International Transfers – By providing a standardized way to route payments, SWIFT and BIC codes make wire transfers more efficient.
3. Required for Global Payments – If you are sending money abroad, whether for personal or business purposes, you will likely need a SWIFT or BIC code.

How to Find Your Bank’s SWIFT or BIC Code

• Bank Website – Many banks list their SWIFT/BIC codes on their official website.
• Bank Statement – Some bank statements include this information.
• Contact Your Bank – You can call or visit your bank to request the correct code.
• Check online – There are websites that help you find these codes, just select the country and bank

SWIFT vs. BIC Code: What’s the Difference?

Technically, there is no difference between a SWIFT code and a BIC code. They refer to the same thing, a unique identifier for banks used in international money transfers.

Why use Zole for international bank transfer

• With Zole, you can send money between Canada and Nigeria
• Our transactions are paid within 5 minutes
• You can download the app to start sending money.

Want to send money securely and affordably? Try Zole today!