Glossary entry

SWIFT/BIC code

A SWIFT/BIC code, short for Business Identifier Code, is a code that identifies a bank in international payments. Some transfers ask for it in addition to, or instead of, the domestic identifiers used inside a country. For payments into India the recipient is normally identified by account number and IFSC code, and the provider will say whether a BIC is also needed. Never type a code from an unverified message; take it from the bank's own website or a statement. See also: SWIFT, IFSC code, IBAN, and the guide How to Read a Money Transfer Quote.