What is a SWIFT or BIC code?

In Ireland, you’re likely familiar with using your sort code and account number for electronic payments. However, for international payments, along with the IBAN, you’ll probably need a SWIFT or BIC code. On this page, we’ll look at what exactly a BIC code means, when you might need to use it, and how to find your bank BIC code.

BIC codes (short for Bank Identifier Code, or Bank Identification Code) and SWIFT codes are essential for international payments. Although the terms BIC and SWIFT are often used interchangeably, there is a slight difference between them:

• SWIFT originates from the Society for Worldwide Interbank Financial Telecommunication (SWIFT), which is the network used for securely transmitting financial information between banks. Somewhat confusingly, SWIFT refers to the BIC as the “Business Identifier Code”, to identify a wide range of institutions, not just banks.

• BIC is a unique identifier code assigned to banks, mainly used to identify recipient banks in international money transfers.

Despite these differences, both terms typically refer to the same thing when used with “code”. 

When making an international payment, you typically need the recipient’s BIC code to make sure that the money reaches the right bank. This code consists of between eight and 11 characters, to provide different levels of detail about the financial institution and its specific branches.

BIC codes not only guarantee that the money will correctly reach its destination, they also make any international money transfers quick and easy.

Yes, a BIC code in banking is the same as a SWIFT code. While BIC is the official term, it’s common to use SWIFT code as well. Both terms refer to the identification number assigned to banks for international payments. 

To be really precise, SWIFT is the system for processing international money transfers, not the code itself. However, in practice, you’ll see SWIFT code used to mean BIC code. So, whether you ask for a SWIFT or a BIC code, you’re requesting the same details to identify a bank globally.

You’ll need the recipient’s BIC or SWIFT code when sending or receiving money internationally through your bank. This code acts like an international ID for banks, ensuring your money reaches the correct destination. Without it, your transaction may not be processed.

Essentially, any time you’re transferring money across borders, you’ll likely need both the recipient’s IBAN number and their SWIFT/BIC code. For example, if you want to send money to a family member living abroad, you would provide their IBAN and SWIFT/BIC code to your bank. This ensures the money reaches their bank account securely and promptly, even if they hold the account in a different country.

For domestic transactions within Ireland, including direct debits and standing orders, you might have previously used the recipient’s IBAN along with the bank’s sort code and account number. However, some banks now use the IBAN alongside the BIC as the primary payment identifiers for SEPA payments. Digital banks operating in Ireland, such as n26 and Revolut, routinely provide both IBAN and BIC codes as standard identifiers.

The key difference between a SWIFT/BIC code and an IBAN lies in what they identify. A SWIFT/BIC code is used to identify a specific bank or branch when you’re making international payments. On the other hand, an IBAN (International Bank Account Number) identifies a specific bank account within that bank. It includes details like the country code, bank code, branch code, and account number, so that the bank knows exactly who should receive the money. The IBAN does not contain the BIC code itself; they are two separate numbers representing different things.

Put simply:

• SWIFT/BIC Code: Specifies where the money should go – to the correct bank.

• IBAN: Specifies who should receive the money – the exact account holder.

Together, the IBAN and BIC number provide a complete package of information so that international payments are made accurately and securely. 

If you’re puzzled by all these terms, check out our complete guide to bank statement abbreviations.

BIC codes, sometimes known as BIC numbers, are technically a combination of numbers and letters. In Ireland, it is common for banks to use eight-character BIC codes, but you might find other banks have 11-character BICs. Here’s what each part of the code means, using the example of the BIC code for the Bank of Ireland:

• First four characters: These letters identify the bank itself. They often resemble a shortened version of the bank’s name, for example “BOFI”, for the Bank of Ireland.

• Next two characters: These letters indicate the country code according to ISO 3166-1, showing where the bank is located. In our example, it is “IE”, to signify Ireland. However, if you hold a BOI account in the UK or Northern Ireland, this changes to “GB”. 

• Last two characters: These can be numbers or letters and serve as an additional identifier for the specific branch of the bank. In our example, it is “2D” for any accounts in the Republic of Ireland, and “2B” for accounts in the UK and Northern Ireland.

• Final three characters: With 11-character BIC codes, there will usually be a three-character branch identifier at the end. This is an optional element to specify a particular location, department, service, or unit within the same bank.

In the 11-character version, you might come across a BIC with a suffix of “XXX”. This usually indicates the head office of the bank, where no specific branch identifier is needed beyond the country and location codes.

Finding your BIC or SWIFT code is usually fairly easy. You can find it on your bank statements, and this can be in paper form or through online or mobile banking. If you’re using online banking, you can typically log in to your account and navigate to your account details or statements section to find the code.

Alternatively, if you don’t have access to your statements, or you prefer a quick search, you can use this BIC code search tool from Wise. You simply enter your country and the name of your bank, followed by the city, to retrieve the correct BIC code for your specific bank branch.

Below is a table listing the SWIFT/BIC codes of some of the largest banks in Ireland. It’s important to note that the BIC code can vary depending on the particular banking services and the country in which the account is used. It’s generally best to check the BIC code with the person you are sending money to, or the bank itself.

Yes, it’s safe to share your BIC/SWIFT code with others. BIC codes are used to identify your bank during international transactions, but they don’t allow anyone to access your account or make transactions on your behalf. A bank’s BIC code is simply a way to ensure that money sent to you reaches your bank securely.

There’s no need to worry when giving your IBAN and BIC number to trusted individuals or companies who need to send you money. In fact, many businesses now include these details on invoices for customer payments, as bank transfers are becoming a more common and accepted way to transfer money.

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