If you want to make your money secure and want to save it then the best place for this is no doubt a bank. A bank is the place where you would be keeping all of your money and you can easily take them out when you are in need of it. There are a lot of transactions that take place in a day in the banks. When the banks are making payments or are having transactions with other countries then there has to be some codes that would ensure the safety and security of the transaction.

The BIC Code is a kind of a code which is used by the banks when the cross border transactions are done. The Bank Identification Code is the universal method which is used for identifying the financial transactions for the sake of facilitating the processing of the payments in the automated manner. The SWIFT code is also used by the banks and is used for identifying different banks on the international level.

The use of certain codes would ensure that the transactions are done in the right manner and are also verified by the banks. When different codes are used then they would guarantee that these banks have the right to make certain transactions. If you wish to have increased security and want to make sure that certain transactions are rightfully done by the banks then these codes should be a part of the transactions especially the international transactions of the banks. The BIC Code is actually an eight or eleven digit code and is used for identifying the bank, country, location and branch of the bank.

There are different countries and all have different bank identification code. The first four alphabetical characters are for identifying a particular bank. The next two characters are for the ISO country code. They are used for identifying a country such as DE for Germany. These codes are already set for each country and you can also find the list of the countries that are given these codes for the bank codes. The next two characters are for the location or the city of the country and the last three are the optional ones and these are used for the identification of the branch or some specific office. The SWIFT code is another way of identifying the banks and in different countries, different coding methods can be used.

These codes are used by the banks and there are different coding schemes used in different countries. In the United States and Canada, ABA Numbers are used for identifying the individual countries in national interbank transactions. Similarly, the Sort codes are used in the UK for the same purpose. These codes make sure that the monetary transactions that occur all the time in the banks transfer the money to the right bank and do not violate any sort of banking laws. When an international wire transfer is done then the SWIFT code is very much important for identifying different banks in different countries.