What Is Bic For Bank Transfer. Bank Identifier Codes (BIC) is the unique identification code for a particular bank which is used when transferring money between banks. In practical terms, the SWIFT code is a standard format of Business Identifier Codes (BIC), which are used by banks when transferring money between them.
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BIC stands for Bank Identifier Code (or officially, Business Identifier Code). Demystifying SWIFT Codes: What They Are and How To Find Them. When you send or receive an international transfer with your bank, you might lose money on a bad exchange rate and pay hidden fees as a result.
