BID (Bank Identifier Code)

A Bank Identifier Code (BIC), also known as a SWIFT code, is a unique string of letters and numbers that identifies a specific bank or financial institution worldwide. It helps ensure that money transfers and messages are sent to the correct bank quickly and accurately. The code typically includes information about the bank, country, city, and branch. Think of it as the bank’s digital address, allowing banks to communicate securely across borders, streamline international transactions, and reduce errors in financial exchanges.