What is the difference between a BIC code and a MICR code?

The only similarity between a SWIFT or BIC Code and an MICR Code is that both help route financial instruments to their correct destination. The difference is that SWIFT or BIC Codes help route money internationally, while MICR Codes help with the processing of paper checks. Is an IBAN the same as a BSB Number?

What is the difference between SWIFT & BIC codes?

SWIFT stands for Society for Worldwide Interbank Financial Telecommunication, while BIC is short for Bank Identifier Code. SWIFT and BIC codes are used all over the world to identify bank branches when you make international payments, ensuring your money gets to the right place.

How many digits are in a SWIFT/BIC code?

For recognition purposes, SWIFT/BIC codes have 8 (or 11) letters-digits combinations whereas IBANs can have as much as 34. In this section, we will cover some Frequently Asked Questions (FAQs) about IBANs, SWIFT Codes and BIC Codes.