The first four letters represent the bank’s name ( AAAA), the next two characters are the country code ( BB), followed by two characters that indicate where the bank’s head office is located ( CC) and finally the three digit branch code ( DDD).Īs a component of the SWIFT network, which has existed for over 40 years, BIC codes provide a secure way for banks to communicate between themselves across the world. For example, in the UK, a BIC could appear as follows: AAAABBCCDDD Also known as a SWIFT (the Society for Worldwide Interbank Financial Telecommunication) code, the two terms are used interchangeably.Ī BIC code is typically 8 - 11 characters. What does a BIC code look like?īIC is an acronym for Business Identifier Code, and it is used to identify the bank related to the account. The first two characters ( GB) refer to the ISO country code, followed by two check digits ( 14), four digit bank code ( HBUK) six digit sort code ( 401275) and eight digit account number ( 12345678). In the UK, an example of the IBAN format is: GB14HBUK40127512345678 What does an IBAN look like?Įvery country using IBANs will issue the same length codes, but the number of total characters in an IBAN varies by country. They help banks process international payments automatically, in a quick and secure way. Both are essential for ensuring funds are transferred to the correct bank account and both are written in a standard, internationally recognised format. This information helps identify an individual’s bank account, while a Bank Identifier Code (BIC) simply identifies the bank that an account is held with. An IBAN consists of an international component, a country code, check digits and a domestic bank account number. IBAN stands for International Bank Account Number, a type of identification code used by banks and financial institutions in 80 regions around the world. Related content IBAN vs BIC: What is the difference? South Georgia and the South Sandwich Islands.
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