Is BIC the same as SWIFT? The answer is yes. BIC number and SWIFT codes are the same things and these terms are used interchangeably. Banks and financial institutions may use different terms with the same meaning, and this can confuse customers. A good example is the case of BIC and SWIFT codes.
It is important to note that the country where you are sending money from may use the term SWIFT code during cross border transactions while the recipient country may use a different term that is BIC code. This can confuse you, but no need to worry because they mean the same thing. Both of them consist of letters and numbers that disclose the identity of a country, bank, and branch an account is registered to.
BIC and SWIFT codes have the same structure, and they are made up of 8 to 11 characters depending on the country and the bank an account is registered to. The format for both is the same. The first four characters represent the bank code; the next two characters represent the country code, the following two characters show the location, and the last three characters indicate the bank’s branch. However, some banks don’t use the three-character branch code, and this means having a shorter SWIFT/BIC code.