SWIFT or BIC: This is the difference

In the payment transactions of banks you have surely stumbled across the words SWIFT and BIC. In our article we explain the difference between the two terms.

That is the difference between SWIFT and BIC

The difference between SWIFT and BIC is that SWIFT is not actually a code, but an organization.

• SWIFT is an abbreviation for Society for Worldwide Interbank Financial Telecommunication. Several financial institutions have come together here to standardize and simplify international payments.
• The SWIFT code, which is used for international transfers, was created from this merger. You know this code as the BIC (Business Identifier Code), which is a unique identifier for your bank.
• If you want to make a SEPA transfer abroad, you always need the recipient's international bank code (BIC).

You can easily find your BIC and IBAN online. We will show you exactly how this is done in our next article.