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If you are wondering is BIC and SWIFT code the same, you have come to the right place. I will decode the acronyms for you. SWIFT code allows money to be transferred correctly into the recipient’s account. You can get to know more about them from any bank associate or manager.
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Is BIC and SWIFT code the same thing?
From what I know, both BIC code and SWIFT code mean the same thing.SWIFT stands for “Society for Worldwide Interbank Financial Telecommunication” and BIC stands for “Bank Identifier Code”.
To help you understand better, SWIFT is a global institution which is used and accepted in more than 200 countries across the globe. BIC is a code used to identify the service. Today, both of them are synonymous. They are the same code used in the banks.
To answer ‘Is BIC code and SWIFT code the same ’ in short. Yes, they are the same. Both codes, and numbers, are used to identify the recipient bank. Usually, the code has 8 and 11 digits. Then there will be a two-digit country code. The character location will come next, followed by an optional 3-character branch code.
There is no BIC and SWIFT code difference. I got to know that both of them are regulated under the ISO 9362 standard of the International Organization for Standardization (ISO).
BIC code and SWIFT code are same in the current system used for money transfers nationally and internationally. There are banks that don't use branch code, hence the BIC code is eight digits sometimes.
This is all from my end on is BIC and SWIFT code the same
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Authors Of The Question
Is BIC and SWIFT code the same ?
Stanley
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2 Year
2022-08-12T19:34:04+00:00 2022-08-17T17:16:38+00:00Comment
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