What is a SWIFT (BIC) code?
When will you need to know a SWIFT (BIC) code?
You might be asked to enter the recipient's SWIFT code when making an international bank transfer. If you don’t enter the SWIFT code when filling out an international transfer form – you will most probably get an error message asking to add it.
Although it is really important not to make any mistakes in a person's name when filling out the transfer form and sometimes due to such mistakes a transfer can be held up, in reality, banking systems first look at other identifiers, such as the SWIFT code. This helps transfers to reach recipients faster and international finance systems to communicate between themselves.
SWIFT, BIC, IBAN, and bank code – what’s the difference?
The BIC code and SWIFT code, which can also be called SWIFT number, are the same international bank identification code asked for when making international money transfers. The SWIFT code consists of a bank code that is a series of letters, a country code, a location code, and the code of the main branch of the bank. Paysera's SWIFT code is EVIULT2VXXX.
The concept of the IBAN is very similar, however, it is an international bank account number used in the European Union. Therefore it is used to make Euro transfers only (not international). Every user has their own unique IBAN number, differently from SWIFT. More about IBAN >
Finally, you might have also heard of the bank code. The bank code is a code that is assigned to a bank or a financial institution by the central bank of that country. Paysera’s bank code is 3500. You may be asked to provide it in various documents and the bank code can be found online. The bank code is also a part of every IBAN provided by that bank, i.e. LT11 3500 0111 1111 1111 – the bank code is 35000.
SWIFT – Society for Worldwide Interbank Financial Telecommunication
BIC – Business Identifier Code
IBAN – International Bank Account Number
Bank code – 5 digit code assigned by the central bank.
How to find a SWIFT code?
A bank’s SWIFT code is normally provided on the bank’s website, contact page, or bank details page. If you are in doubt – you can always contact your bank and get the answer first-hand. Double-checking transfer details will ensure that your transfer will reach the recipient and will not be put on hold due to typos or other innocent mistakes.