SWIFT and BIC are the same thing
This trips up a lot of people the first time they encounter it: SWIFT code and BIC code refer to exactly the same identifier. BIC stands for Bank Identifier Code, and it's the formal name defined by the ISO 9362 standard. SWIFT is the name of the global messaging network (Society for Worldwide Interbank Financial Telecommunication) that banks use to send these codes and payment instructions to each other. Because SWIFT is the network most people associate with international transfers, "SWIFT code" became the common name, even though "BIC" is technically the more precise term. You'll see both used interchangeably on invoices, bank websites, and payment forms — they mean the same thing.
What a SWIFT/BIC code identifies
While an IBAN identifies a specific bank account, a SWIFT/BIC code identifies the bank itself — and sometimes a specific branch of that bank. This is why international wire payments typically need both: the BIC tells the payment network which bank to send the money to, and the IBAN (or local account number) tells that bank which account to credit.
How to read a SWIFT/BIC code
A SWIFT/BIC code is either 8 or 11 characters long, broken into four parts:
Bank code (4 letters) — identifies the specific bank. For example, DEUT represents Deutsche Bank.
Country code (2 letters) — the ISO country code for where the bank is headquartered. DE for Germany, GB for the United Kingdom, US for the United States.
Location code (2 characters, letters or numbers) — identifies the city or specific location of the bank's head office.
Branch code (3 characters, optional) — if present, identifies a specific branch. If absent, the code defaults to "XXX," which indicates the bank's primary or head office.
Here's a worked example: DEUTDEFF500
DEUT— Deutsche BankDE— GermanyFF— Frankfurt500— a specific branch
If the branch code is dropped, you'd simply see DEUTDEFF — an 8-character code referring to the bank's main office, which is perfectly valid and commonly what's provided on invoices.
When do you need a SWIFT/BIC code?
International wire transfers almost always need one, regardless of which country you're sending to or from, unless the payment is going through a more localized scheme (see below).
Domestic payments within the same country generally don't need a SWIFT/BIC code at all — local clearing systems use other identifiers instead.
Payments within the same regional payment scheme — for example, a SEPA payment between two Eurozone countries — often don't strictly require a SWIFT/BIC code either, since the IBAN alone contains enough information for the SEPA network to route the payment. Many banks will still ask for it as a backup or for their own internal processing, but it's not always essential the way it is for a true international wire.
SWIFT/BIC vs IBAN — what's the actual difference?
It's worth being explicit about this because the two are so often required together that people sometimes assume they're interchangeable, or that one supersedes the other:
| What it identifies | Length | Required for | |
|---|---|---|---|
| IBAN | The specific account | 15–34 characters, varies by country | Most European and an increasing number of other countries |
| SWIFT/BIC | The bank (and sometimes branch) | 8 or 11 characters | International wires globally |
Think of it like sending a letter: the SWIFT/BIC code is the postal sorting code that gets your letter to the right building, and the IBAN is the specific apartment number inside it.
Where to find a supplier's SWIFT/BIC code
Ask your supplier directly — it should appear on their invoice alongside their IBAN or account number, or in their standard payment instructions. If it's missing, most banks publish their SWIFT/BIC codes on their own websites, and a quick search for "[bank name] SWIFT code" alongside the relevant country will usually surface it. Be cautious about using third-party lookup websites for anything beyond a quick sanity check — always confirm the final code directly with your supplier or their bank before sending a payment, particularly for first-time or high-value transfers.
A note on payment delays and fees
International wire payments routed via SWIFT often pass through one or more intermediary banks before reaching the final recipient, especially if the sending and receiving banks don't have a direct relationship. Each intermediary can deduct a small handling fee and add processing time, which is part of why traditional international wires can take 1–5 business days and arrive for a slightly different amount than what was sent. This is one of the reasons newer payment rails like SEPA and Faster Payments (covered in our guide to payment rails) have become popular for payments within their respective regions — they're often faster and cheaper than a traditional SWIFT wire for the same destination.
Getting the details right is half the job
A correct SWIFT/BIC code and IBAN gets your payment to the right place without delay. But for any invoice priced in a foreign currency, when you convert matters just as much as how cleanly the payment is routed.
See how Easier FX tracks your foreign currency invoices and helps you time the conversion →