BIC (SWIFT code)
Definition
The international identifier of a bank, used for cross-border transfers alongside the IBAN.
What it means in practice
When you send an international transfer, you usually provide the recipient's IBAN and the BIC of their bank.
Why it affects your choice
Rarely decisive on its own, but it is needed for SWIFT transfers — worth knowing a product provides it.
Watch out
A BIC is not the same as an IBAN — the IBAN identifies the account, the BIC identifies the bank.
WTP Finance is for information only; we do not give financial advice.