Bank Code Finding Bank Code 3

Question 1

What does the abbreviation 'BIC' stand for?

Accepted Answer

Bank Identifier Code

Answer

BIC stands for Bank Identifier Code, also known as a SWIFT code.

Question 2

In a SWIFT code, what do the first four characters represent?

Accepted Answer

The bank or institution

Answer

The first four letters of a SWIFT code are the bank (institution) code.

Question 3

In a SWIFT code, which characters indicate the country?

Accepted Answer

Characters 5 and 6

Answer

Characters 5 and 6 of a SWIFT code are the two-letter ISO country code.

Question 4

Which document is the most reliable place to find both routing and account numbers?

Accepted Answer

A monthly bank statement or voided check

Answer

Bank statements and voided checks reliably show your routing and account numbers.

Question 5

What is the equivalent of a routing number used across Europe for transfers?

Accepted Answer

IBAN

Answer

The IBAN (International Bank Account Number) is used to identify accounts for European transfers.

Bank Code Practice Test