Digital banking

What is a SWIFT code/BIC?

SWIFT code has now changed name to Business Identifier Code, BIC for short. Never mind the name – all banks have one. It’s used to identify the bank among all the other banks in the world, and this helps banks transfer money and communicate with one another through secure messages.

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BIC (formerly known as SWIFT code) and SWIFT in general

You can compare a BIC to a personal identification number – only it’s used to identify banks, not persons, it works across the globe, not just in one country, and it is mostly written in capital letters and in some cases with a few numbers at the end.

A BIC is 8 to 11 characters long and consists of

  • a bank code, which is 4 characters
  • a country code, which is 2 characters
  • a location code, which is 2 characters
  • an optional branch code, which is 3 characters.

When do you need a SWIFT code/BIC?

You will sometimes need a BIC, formerly known as a SWIFT code, when you are to transfer money to someone in another country. You may need your own bank’s BIC if someone is to transfer money to you across borders. 

In most European countries, you will, however, first and foremost need the recipient’s international bank account number, or IBAN for short. You don’t always need both a BIC/SWIFT code and an IBAN, but it happens. Read more about IBAN, BIC/SWIFT and country requirements.

Where can you find your IBAN at Nordea?

If you are to receive money via an international transfer, your BIC (see above) and/or IBAN will likely be needed. Your IBAN can be found in Nordea’s mobile banking app or in Nordea’s internet bank under account details.

Where can you find SWIFT codes/BICs for banks in general?

You can find BICs, formerly known as SWIFT codes, on SWIFT’s website.

SWIFT codes/BICs at Nordea

Are you looking for a BIC/SWIFT code at Nordea? Have a look here.

 

The exchange of financial messages – such a message is called a FIN message – is the core business of SWIFT. Today, the average number of FIN messages through SWIFT is more than 42 million – daily!

The history of SWIFT

SWIFT is the name of a global communication network created to make it easier for banks to collaborate and communicate across borders. It is a private company owned by its members. SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication.

The Society for Worldwide Interbank Financial Telecommunication was founded back in 1973 to make it easier for banks to communicate and help their customers transfer money across borders. It began operating in 1977 and became a huge success – it was technological disruption way before anyone talked about technological disruption. SWIFT replaced the Telex technology and in less than a year SWIFT had processed a total of ten million messages. The rest is history as they say.

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