Taxation & Compliance
Posted on Apr 29, 2025
If you’ve ever tried sending money abroad or received an international payment, you’ve probably come across something called a SWIFT code—or maybe even a BIC code. While they’re often used side by side (and even interchangeably), they each play a unique role in making sure your money lands where it’s supposed to.
In this blog, we’ll break down what a BIC code really is, how it works with a SWIFT code, and why getting it right can make all the difference in global banking. Let’s get started.
What is a BIC Code? Full Form and Meaning
BIC stands for Bank Identifier Code.
Think of it as a unique "address" for your bank. When you send or receive money internationally, this code tells the system exactly which bank should be involved in the transaction. It’s like writing the correct ZIP code on a letter—without it, your money could get delayed or lost.
BIC codes are standardised globally, so no matter which country you're dealing with, they help ensure your transaction is routed correctly.
How Does BIC Code Relate to SWIFT Code?
Here’s where it gets interesting—BIC codes and SWIFT codes are technically the same thing. SWIFT code stands as a unique identifier, and BIC stands as a unique identification number.
SWIFT refers to the Society for Worldwide Interbank Financial Telecommunication, the network that facilitates these global financial messages. A BIC is the actual code used within this network to identify the bank.
In simple terms:
SWIFT = the messaging system
BIC = the bank’s identifier inside that system
So, when someone asks for your SWIFT code, they’re basically asking for your BIC code.
Why Do You Need a BIC Code for International Transactions?
Imagine you’re sending money to a supplier overseas or receiving a freelance payment from a foreign client. Without a BIC code, your payment might be delayed, misrouted, or even rejected.
Here’s why a BIC code matters:
✅ It tells the system exactly which bank should receive the funds.
✅ It reduces errors and delays.
✅ It adds an extra layer of security and accuracy to your international payments.
Real-life example: Say you enter the wrong BIC code when sending money. The payment could bounce back or go to the wrong bank, costing time and additional charges to fix.
How to Find Your BIC Code (With Real-World Examples)
Not sure where to find your bank’s BIC code? Here are a few simple ways:
Ask your bank directly—they’ll provide it instantly.
Check your bank statement—some include the BIC code.
Use a trusted online lookup tool, like the official SWIFT website.
Example:HDFC Bank’s BIC/SWIFT code for international transactions is usually HDFCINBBXXX, where each part of the code gives details about the bank, location, and branch.
Common BIC Code Errors and How to Avoid Them
It’s easy to make a mistake when dealing with codes, especially if you’re new to international payments. Here are a few common slip-ups:
❌ Using the wrong BIC for a branch
❌ Mixing up SWIFT and IBAN (which is something else entirely)
❌ Typing errors or missing characters
Pro tip: Always double-check with your bank, especially if it’s your first time using the code.
BIC Code Examples for Major Indian Banks
Here are some BIC/SWIFT codes for popular Indian banks:
State Bank of India (SBI) – SBININBBXXX
ICICI Bank – ICICINBBXXX
Axis Bank – AXISINBBXXX
Bank of Baroda – BARBINBBXXX
Remember: Different branches may have different codes, so it’s best to confirm with your bank for the most accurate version.
BIC Code for International Business Transactions – A Quick Case Study
Let’s say a Mumbai-based company wants to receive payments from a client in Germany. The client’s bank asks for a BIC code to ensure the funds reach the correct Indian bank.
The Mumbai company shares its bank’s BIC code (say, ICICINBBXXX), and the payment goes through without a hitch.
✅ No delays
✅ No miscommunication
✅ Instant confirmation on both ends
That’s the power of getting your BIC code right.
FAQ – Quick Answers to Common BIC Code Questions
Q1: What is a BIC Code and how does it work?
It’s a unique code used to identify banks in international transactions. It helps ensure payments go to the correct financial institution.
Q2: What’s the difference between a SWIFT Code and a BIC Code?
They’re essentially the same. BIC is the actual code; SWIFT is the messaging network where it’s used.
Q3: How do I find my BIC Code?
Check with your bank, look at a bank statement, or use a secure online SWIFT/BIC finder tool.
Conclusion: Let Infinity handle all your compliance-related issues for smoother international payments
Whether you’re running a business, freelancing for global clients, or simply sending money to family abroad, understanding the BIC code gives you an edge. It helps ensure your money gets where it needs to go—quickly, securely, and without confusion
So the next time someone asks for your SWIFT or BIC code, you’ll not only know exactly what they’re talking about—you’ll also have the right tools to use it confidently.
Platforms like Infinity make this even easier by simplifying the way businesses manage international banking and receive cross-border payments. Infinity helps its users with all compliance-related issues and makes the whole process of international payments as smooth as butter.
So what are you waiting for? Sign up with Infinity today!
