What is a SWIFT/BIC code?

As an online seller, understanding the nuances of international banking is vital in processing seamless global transactions. One of the essential components is the SWIFT or BIC code, a unique identifier used to facilitate international payments. Whether you're receiving payments from overseas customers or paying international suppliers, knowing how to find and use SWIFT codes can streamline your financial operations and reduce the risk of errors.

In this article, you’ll learn what they are, if they differ from BIC numbers, and how to locate your account's SWIFT code. You can also use this post as a handy reference for the SWFIT codes of some of the most popular banks in Spain, so you have the information you need to conduct international transactions efficiently and accurately.

Table of contents 

• What is a swift code?
• Is a bank account SWIFT code the same as its BIC number?
• How do I find my account’s SWIFT number?
• What are the most popular Spanish banks’ SWIFT codes?
• What’s the difference between BIC/SWIFT code and IBAN?

What is a SWIFT code? 

A SWIFT code or a Business Identifier Code (BIC), is an international standard for identifying banks and financial institutions globally. It’s an acronym for the Society for Worldwide Interbank Financial Telecommunication, and it plays a crucial role in international wire transfers, ensuring that money sent from one bank reaches the correct bank on the receiving end. SWIFT codes are comprised of 8 or 11 characters, each segment providing specific information about the bank and its location.

Here's the breakdown:

• Bank code (first 4 characters): This segment represents the bank's name. For example, the SWIFT code for Banco Santander starts with BSCH."
• Country code (next 2 characters): These letters represent the country where the bank is located. For example, "ES" stands for Spain.
• Location code (next 2 characters): This part indicates the city or location of the bank's head office. For instance, "MM" in "BSCH ES MM XXX" signifies a specific branch or office.
• Branch code (last 3 characters, optional): These characters identify the specific branch of the bank. If this segment is omitted, it usually refers to the bank's primary office.

Is a bank account SWIFT code the same as its BIC number?

Yes, a bank account's SWIFT code is essentially the same as its BIC number, but there is a small difference. The name of the overall messaging system is SWIFT and BIC is the code used for the system. However, both terms are used interchangeably to refer to the same identifier. 

Whether you see it referred to as a SWIFT code or a BIC number, it serves the same purpose: facilitating the correct routing of international payments.

How do I find my account’s SWIFT number?

Find your account's SWIFT or BIC number in any of the following ways: 

1. Bank statements. These codes are often printed on your bank statements, so you can check a recent statement to find it. 
2. Online banking. SWIFT codes are usually listed under the account information or international transfer section in online banking environments or in a website section related to international banking or customer service. 
3. Customer service. If you can’t find the code, contact your bank's customer service department.
4. Bank branch. Visit your local bank branch and ask a representative for your account’s SWIFT code. 

What are the most popular Spanish banks’ SWIFT codes?

SWIFT BBVA 

BBVA has the SWIFT code BBVA ES MM XXX. This code ensures that international payments are directed to BBVA's designated branches within Spain.

SWIFT Caixabank

CaixaBank uses the SWIFT code CAIX ES BB XXX to facilitate international transfers to and from CaixaBank accounts efficiently.

SWIFT Santander

Banco Santander uses SWIFT code BSCH ES MM XXX to accurately route payments to Santander's various branches in Spain.

SWIFT Banco Sabadell

Banco Sabadell operates under the SWIFT code BSAB ES BB XXX. This code ensures that international transactions are processed correctly to Banco Sabadell accounts.

Understanding and using the correct codes for these popular Spanish banks is essential for smooth and error-free international banking transactions. Each code is unique to its respective bank and branch, providing a reliable means of identification in the global financial system.

What’s the difference between BIC/SWIFT code and IBAN?

IBAN stands for International Bank Account Number, which is used to identify an individual’s bank account. It’s primarily used by European banks to ensure that payments reach their correct destination safely. 

SWIFT/BIC codes are used to identify specific banks during international money transfers.

Streamline your online payments with MONEI 

Now that you know the basics of SWIFT and BIC codes, you’re better equipped to manage transitions. 

Selecting the right payment platform for your online business makes financial transactions quick and effortless. MONEI, Spain's leading payment platform, streamlines e-commerce payments across the eurozone and beyond.

Let your customers pay in their preferred currency, process secure PCI-DSS Level 1 compliant payments, and offer one-click payments, recurring billing, and a wide range of payment methods.

🎓​Find more definitions in our payment industry glossary.

Alexis Damen

Alexis Damen is a former Shopify merchant turned content marketer. Here, she breaks down complex topics about payments, e-commerce, and retail to help you succeed (with MONEI as your payments partner, of course).