A SWIFT/BIC code identifies the exact bank, and branch, that should receive an international payment, so your money reaches the right place every time you pay a supplier overseas. You'll need one for most currencies when adding an international supplier or payment, though some currencies use a different routing code instead.
How It Works
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What it is: Identifies a bank, and with a branch code, a specific branch, so international payments route to the right place. A SWIFT/BIC code typically consists of the following:
- Bank Code (4 letters): Identifies the bank.
- Country Code (2 letters): Indicates the bank's location.
- Location Code (2 letters or digits): Shows the specific branch.
- Optional Branch Code (3 characters): Specifies a particular branch.
- SWIFT and BIC are the same thing: The terms are used interchangeably for international payments; Weel's supplier screen treats them as one code.
- Always 8 or 11 characters: A bank code, country code, location code, and an optional branch code, shown in Weel's example DBSSSGSG.
- Some currencies use it as standard: CNY, EUR, NZD, PHP and SGD use a SWIFT/BIC code as their Local Payments routing code.
- Others use a different code: AUD uses a BSB code, CAD a Transit number, and GBP a Sort code.
- USD, HKD and IDR: These default to Local Payments by ACH, though USD also has a dedicated SWIFT Payments option covering suppliers in 16 countries.
Good to know
- Fees differ by method: Weel's SWIFT Payments option (used for USD) adds a flat $25 USD fee on top of the standard 0.95% international transaction fee. Where SWIFT/BIC is just the standard routing code for Local Payments (CNY, NZD, EUR, PHP, SGD), the standard local fee applies instead. See What are the fees for making international payments to suppliers? for the full breakdown.
- Weel only checks format, not accuracy: Your code must be 8 or 11 alphanumeric characters, but Weel doesn't check the bank, country or location it points to. Double-check it matches your supplier's actual bank details.
- A couple of edge cases: All SWIFT codes are BICs, but not every BIC is issued for use on the SWIFT network specifically; for international payments, the two terms mean the same code. Suppliers paid in INR use a separate IFSC code instead of a SWIFT/BIC code.