A BIC/SWIFT code is a unique identifier for a bank, the address banks use to find each other when sending money internationally. When you make an international transfer, this code tells the payment network exactly which institution should receive the funds and where that bank is located.

What is a BIC/SWIFT code?

BIC stands for Bank Identifier Code. SWIFT stands for Society for Worldwide Interbank Financial Telecommunications, the network that connects more than 11,000 financial institutions in over 200 countries. The two terms refer to the same code; you may see it written as BIC, SWIFT code, BIC/SWIFT, or SWIFT BIC. They all mean the same thing.

Think of it as a postal code for your bank. Just as a postal code routes a letter to the right address, a BIC/SWIFT code routes a payment to the right institution. Without it, international transfers can be delayed or rejected.

How a BIC/SWIFT code is structured

Every BIC/SWIFT code follows the same 8-to-11-character format: AAAABBCCDDD.

• AAAA: a 4-letter bank code, usually an abbreviation of the bank's name

• BB: a 2-letter country code (for example, NL for the Netherlands, DE for Germany)

• CC: a 2-character location code indicating the bank's head office city

• DDD: an optional 3-character branch code, if absent, the code is 8 characters long or ends in XXX

For example, bunq's BIC is BUNQNL2A. BUNQ identifies the bank, NL identifies the Netherlands, and 2A pinpoints the location.

When do you need a BIC/SWIFT code?

You need a BIC/SWIFT code when sending or receiving money outside the SEPA zone, or when a bank explicitly requests it. For euro transfers within SEPA, an IBAN is usually enough. For transfers to countries outside Europe, or in non-euro currencies, both IBAN and BIC/SWIFT are typically required.

You can find your bank's BIC on your bank statement, in your banking app, or on your bank's official website. Always double-check the code before sending: an incorrect BIC can cause your transfer to be delayed or rejected. At bunq, your BIC is available instantly under your Bank Account details in the app.

Common questions

Is a BIC the same as a SWIFT code?

Yes. BIC and SWIFT code are two names for the same identifier. Some banks use one term, some the other. You may also see "BIC/SWIFT" or "SWIFT BIC", they all refer to the same thing.

Do I need a BIC/SWIFT code for a SEPA transfer?

Not usually. Within the SEPA zone, most banks only require an IBAN for euro transfers. A BIC/SWIFT code becomes necessary for transfers outside SEPA or in currencies other than euros. Check with your bank if you are unsure.

What happens if I enter the wrong BIC/SWIFT code?

Your transfer may be delayed, rejected, or sent to the wrong bank. Always verify the BIC directly with the recipient or their bank before initiating a SWIFT transfer. If you enter an incorrect code, contact your bank immediately, the sooner you report it, the easier it is to recall the payment.