BIC code (SWIFT code)

A BIC (Business Identifier Code) is an 8 or 11 character code that identifies a financial institution in international payments. It's defined by the ISO 9362 standard and issued by SWIFT, which is why it's also called a SWIFT code: the two names mean the same thing.

How a BIC is structured

Every BIC has the same four parts. Here's Narvi's, NARYFIH2:

Part	Characters	In NARYFIH2	What it means
Institution code	4 letters	NARY	Identifies the institution
Country code	2 letters	FI	Finland
Location code	2 letters or digits	H2	Where the institution is based; the 2 marks a reverse-billing BIC
Branch code	3 letters or digits, optional	none	An 8-character BIC refers to the institution's main office

The location code usually points to the city, and Helsinki codes often use H, as in NDEAFIHH. Its second character can also carry a technical meaning. A 0 marks a test BIC that doesn't work on the live network, a 1 marks a passive participant in the SWIFT network, and a 2 marks a reverse-billing BIC, where the receiving institution pays SWIFT's message fee instead of the sender. That's the 2 in NARYFIH2. It's common among payment and e-money institutions: Revolut's REVOLT21 ends the same way.An 8-character BIC and the same code with XXX added at the end point to the same place: the primary office. NARYFIH2 and NARYFIH2XXX are the same code.

BIC vs IBAN vs sort code

	BIC	IBAN	UK sort code
Identifies	A financial institution	An individual account	A UK bank branch
Format	8 or 11 characters	Up to 34 characters, starting with a country code	6 digits
Where it's used	International payments, especially SWIFT	SEPA and most international payments	UK domestic payments
Example	NARYFIH2	FI00 0000 0000 0000 00 (made-up)	00-00-00

A payment needs both pieces: the BIC to reach the right institution and the IBAN to reach the right account. For more on IBANs, see what an IBAN is and how business IBANs work.

When you need a BIC

You need one for SWIFT payments, which travel between institutions on the SWIFT network, often through a correspondent bank. Narvi clients sending or receiving euros outside SEPA use a euro SWIFT IBAN account for this.You don't need one for SEPA credit transfers within the EEA. Under the EU's SEPA Regulation, the IBAN alone has been enough since 1 February 2014 for domestic SEPA payments and since 1 February 2016 for cross-border ones.

How to find a BIC

Your own BIC is in your account's payment details, next to the IBAN. To find someone else's, ask them, or check the payment details on their invoice. SWIFT also runs a public BIC search. For incoming SWIFT payments to a Narvi account, the details are in the SWIFT top-up guide.For how BICs fit into the wider network, see how BICs fit into the SWIFT network.

FAQ

Yes. BIC is the official name in the ISO 9362 standard, and SWIFT code is the everyday name, because SWIFT issues and registers BICs.

No. For SEPA credit transfers within the EEA, the IBAN is enough. Some payment forms still ask for a BIC, but providers can't require it.

Yes. Large institutions often have separate BICs for branches, countries or business lines, while many smaller ones use a single code.

Related terms and sources

UETR · MT103 · SWIFT GPI · Correspondent bank · Legal Entity Identifier · Verification of Payee · Browse the full glossary

Last reviewed October 22, 2026Disclaimer
This publication is provided for general information purposes and does not constitute legal, tax, or other professional advice from Narvi Payments Oy Ab or its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

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