CryptoPioneer
Sun Aug 11 2024
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7 answers
2042
Do I need a BIC if I have an IBAN?
Are you wondering if you still need a BIC code even if you already have an IBAN? It's a valid question, especially in the world of international banking and finance. IBAN, or International Bank Account Number, is a standardized way of identifying bank accounts globally. But BIC, or Bank Identifier Code, also known as SWIFT code, serves a different purpose. BIC is used to uniquely identify banks and financial institutions worldwide for the purpose of international wire transfers. While having an IBAN is essential for many international transactions, BIC is still required for wire transfers, especially when the recipient bank is in a country that uses BIC for routing purposes. So, even if you have an IBAN, it's always a good idea to check with your bank or financial institution if you need a BIC for a specific transaction. It's important to ensure that your funds reach their intended destination smoothly and efficiently.
