Find out more how Wise works and get started. So, in that case, you’ll only need your recipient’s local bank details rather than international banking info. (And also get to skip its expensive fees and bad exchange rates.) Wise connects local bank accounts all over the world and people sending money on all sides. Services like Wise use smart, new technology to skip using the old, rusty, slow SWIFT international transfer system. Traditional SWIFT transfers rack up a lot of expensive correspondent banking fees. There are some exceptions to this, however. Just like sending mail to a wrong zip code means it may get lost or returned, the same goes for your money and incorrect SWIFT codes. You can think of a SWIFT/BIC code a bit like an international postal code so that a bank on one side of the world finds the right bank on the other side of the world. How and when do you use a SWIFT/BIC?Īnyone transferring money across international lines nearly always needs to use a SWIFT/BIC code, since it’s the way banks and money transfer services identify where to send money on a global scale. Your bank can help you find the right SWIFT/BIC for an international transfer, or you can use an online SWIFT/BIC tool. A SWIFT/BIC consists of 8-11 characters used to identify a specific bank in an international transaction, to make sure the money is going to the correct place. A BIC is sometimes called a SWIFT code, SWIFT BIC or SWIFT ID (all of these mean the same thing). What are BIC/SWIFT codes?īIC stands for Bank Identifier Code. This guide will explain what they are, what the differences between them are and how and when you might use them. If you ever send money internationally, you’ll likely need a SWIFT or BIC code to tell the bank or transfer service where to send the money. Travelling to Australia Austria Bangladesh Belgium Brazil Bulgaria Canada Chile China Colombia Croatia Cyprus Czech Republic Denmark Egypt Estonia Finland France Georgia Germany Greece Hong Kong Hungary India Indonesia Ireland Israel Italy Japan Kenya Latvia Liechtenstein Lithuania Luxembourg Malaysia Malta Mexico Monaco Morocco Nepal Netherlands New Zealand Nigeria Norway Pakistan Peru Philippines Poland Portugal Romania Russia San Marino Singapore Slovakia Slovenia South Africa South Korea Spain Sri Lanka Sweden Switzerland Thailand Turkey Ukraine Vietnam The UAE The UK The US.Life in Australia Austria Belgium Brazil Brussels Canada China Croatia Cyprus Czech Republic Denmark Finland France Germany Greece Hong Kong India Indonesia Ireland Italy Japan Luxembourg Malaysia Malta Mexico Netherlands New Zealand Nigeria Norway Pakistan Peru Philippines Poland Portugal Russia Singapore South Africa South Korea Spain Sweden Switzerland Sydney Thailand Vietnam The UAE The UK The US.
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