What is a BIC or SWIFT code?
A BIC or SWIFT code is the international code used to identify a bank for cross-border payments. The two names stand for exactly the same code: BIC is the official term, SWIFT code is the name many people still use. Below you can read what a SWIFT code means, how it is structured, and when you need it.
Is a BIC the same as a SWIFT code?
Yes, a BIC is the same as a SWIFT code: they are two names for the same code that identifies a bank. BIC stands for Business Identifier Code, which is the official name. SWIFT code refers to the network that banks use that code with, and that name has stuck in everyday use.
If a foreign bank asks for your SWIFT code and another party asks for your BIC, you provide the exact same number in both cases. It does not matter which term is used, the code is identical.
Where does SWIFT get its name from?
The SWIFT code owes its name to the Society for Worldwide Interbank Financial Telecommunication, the network that connects banks worldwide. Through this network, banks securely exchange messages about international payments. The SWIFT code, or BIC, is the address by which a bank is recognised within that network.
The SWIFT network is large: it connects more than 11,000 banks and financial institutions in over 200 countries. As a result, a payment from the Netherlands can reach almost any bank in the world, as long as that bank is connected to the network.
The structure of a BIC code
The structure of a BIC code follows a fixed pattern of letters and sometimes numbers. A BIC consists of the following components:
Bank code: four letters identifying the bank, such as INGB for ING or RABO for Rabobank.
Country code: two letters for the country, such as NL for the Netherlands.
Location code: two letters or numbers for the location or head office of the bank.
Branch code: three optional characters for a specific branch.
Together, these parts form the code AAAABBCCXXX. An example is RABONL2U, where RABO is the bank, NL is the country, and 2U is the location. If the branch code is missing, or if it shows XXX, the code refers to the head office.
A BIC has 8 or 11 characters
A BIC always has 8 or 11 characters. The short version of 8 characters consists of the bank code, the country code, and the location code, and refers to the bank's head office. With 11 characters, three additional characters are added for a specific branch. For most payments, the 8-character version is sufficient.
When do you need a SWIFT code?
You need a SWIFT code as soon as you transfer money to an account outside the SEPA zone or in a currency other than the euro. Within the SEPA zone and in euros, the IBAN and the recipient's name are usually enough, because the bank then automatically fills in the code.
For entrepreneurs, this is especially relevant when doing business internationally. If a foreign customer pays an invoice, in addition to your IBAN you also provide the SWIFT code associated with your business account. This way, the paying bank knows which bank the amount needs to go to.
The difference between an IBAN and a BIC
The difference between an IBAN and a BIC is that an IBAN identifies an account and a BIC identifies the bank where that account is held. The IBAN contains the account number, preceded by a country code, a check digit, and the bank code. The BIC, on the other hand, consists solely of the details of the bank itself.
In an international payment, the two work together: the IBAN identifies the exact account and the BIC ensures that the message reaches the correct bank. Within Europe, your bank often automatically fills in the BIC based on the IBAN, because the bank code is already incorporated into the IBAN.
Where do I find my SWIFT code?
You can find your SWIFT code on your bank statement, in your bank's app and in your online banking, usually in the account details. Because the bank code is already in your IBAN, your own bank's BIC is also easy to find.
If someone from abroad wants to transfer money to you, you provide both your IBAN and your SWIFT code. If you are not sure of your bank's code, you can find it on your bank's website or request it from customer service.
The SWIFT codes of major Dutch banks
The SWIFT codes of Dutch banks all have the same structure and start with the bank code followed by NL. Below are the BICs of the most well-known Dutch banks:
ING: INGBNL2A
Rabobank: RABONL2U
ABN AMRO: ABNANL2A
Knab: KNABNL2H
bunq: BUNQNL2A
ASN Bank: ASNBNL21
SNS: SNSBNL2A
Triodos Bank: TRIONL2U
RegioBank: RBRBNL21
If you are looking for the SWIFT code of another bank, you can find it on that bank's website or via the official SWIFT search tool. If in doubt, always ask the recipient for the correct code.
How does a SWIFT payment work?
A SWIFT payment is processed via the SWIFT messaging network, where banks instruct each other to transfer money. If the sending and receiving banks do not have a direct relationship, the payment goes through one or more intermediary banks, known as correspondent banks. Each intermediary performs its own checks and may deduct fees.
As a result, a SWIFT transfer usually takes a few hours to a few business days, and sometimes longer. This is slower than a euro payment within SEPA, which often arrives within seconds. The costs are also higher, because in addition to the fees from your own bank, correspondent banks often charge a markup on the exchange rate.
SWIFT is migrating to ISO 20022
SWIFT has transitioned to a new messaging standard: ISO 20022. Since 22 November 2025, the old MT messages for international payments between banks have been replaced by this new format. The reason is that ISO 20022 sends richer and better-structured data with each payment.
For you as a user, nothing visible changes in the app. Behind the scenes, the new standard ensures fewer errors, better fraud prevention and more insight into where a payment is located. The BIC or SWIFT code you enter remains exactly the same.
International payments with a business account
International payments with a business account do not have to be slow or expensive. With GoDutch, you can transfer money to more than 60 countries, exchange currency at the mid-market rate, and see the costs before you confirm.
Those who regularly transfer money abroad can keep a grip on the actual costs instead of hidden exchange rate markups along the way.
FAQ
Frequently asked questions about the SWIFT code
What does XXX mean in a SWIFT code?
XXX in a SWIFT code stands for the bank's head office or the default branch. An 8-character BIC already refers to the head office, and if the code is padded to 11 characters with XXX, it means the same thing. Any other combination in that position points to a specific branch of the bank.
Can a bank have multiple SWIFT codes?
Yes, a bank can have multiple SWIFT codes, for example per country or per branch in which it operates. Large banks with offices in different countries often use their own BIC for this. Therefore, for an international payment, always ask which exact SWIFT code you should use.
Is a BIC code the same as a bank code?
No, a BIC code is not the same as a bank code, but the bank code is included in it. The bank code consists of the first four letters of the BIC and is also at the beginning of your IBAN. The full BIC adds the country code and the location code to that.
Does a SWIFT payment cost money?
Yes, a SWIFT payment usually costs money. Your own bank charges sending fees, and correspondent banks along the way may deduct a portion of the amount or charge a markup on the exchange rate. For a payment in a foreign currency, those costs accumulate faster, especially with larger amounts.
How long does a SWIFT transfer take?
A SWIFT transfer usually takes a few hours to two business days, depending on the country, the currency and the number of correspondent banks involved. For less common destinations or extra checks, it can take up to five business days. This is slower than a euro payment within the SEPA zone.
Where can I find the SWIFT code of a foreign bank?
The quickest way to find a foreign bank's SWIFT code is to ask the recipient, as they will know which code applies to their account. You can also look up the code using SWIFT's official search tool or on the website of the bank in question. Always check that you have the correct branch.
