BIC or SWIFT codes are used for transferring money to other countries. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication and BIC stands for Bank Identifier Code. SWIFT-BIC code consists of 8-11 character identification code of a bank or financial institution.
To transfer funds to other countries, you need the overseas bank account details including the details of the bank that will receive the funds.
We also require the address of the recipient and their identification details depending on the country we transfer funds.
Few of the destination countries, have extra information requirements when transferring funds from other countries. The fields to be filled in will differ depending on the country you have chosen. For example, Vietnam requires the passport or citizen card number of the recipient. Few countries may require the beneficiary / recipient address to match with the bank record. (Bangladesh, Canada, Ireland, Israel, Malaysia, Pakistan, Saudi Arabia).
The swift code consists of 8 to 11 alpha numeric characters in nature, the first four characters are meant for bank code ( Alphabets), which denotes the particular bank code. The next 2 characters points the country code ( country code standard ISO-3166 standard by ISO body), then next 2 characters indicates the location, which is alpha numeric number. Some times location codes are restricted to only one. The last three characters are meant for branch code. Also there may be "XXX" for the bank primary bank head offices.