Are SWIFT and BIC the same thing?

“SWIFT” is an acronym that stands for “Society for Worldwide Interbank Financial Telecommunication”. SWIFT is a global network that processes payments between countries.“BIC” stands for “Bank Identifier Code” and is a sequence of letters and numbers that are used to send international transfers.The terms "BIC" and "SWIFT" are often used interchangeably in day-to-day speech about international payments

Are SWIFT/BIC codes the same for all branches of the same bank?

This depends on the bank. Some banks use the same SWIFT/BIC code for all their branches. Other banks prefer to have a dedicated SWIFT/BIC code for each branch.A quick way to find out if a SWIFT/BIC code is used by a specific branch is to check the last three characters. If the code ends with “XXX”, you’re looking at the SWIFT/BIC code for the bank’s headquarters. If not, it’s a local branch’s SWIFT/BIC code.Not sure which SWIFT/BIC code to use for your international money transfer? Search for a bank with our SWIFT/BIC code finder tool.

What happens if I use an incorrect SWIFT/BIC code?

In the event that you send a payment to the wrong SWIFT/BIC code, the receiving bank will raise an alert saying they don’t manage your recipient's account, and simply reverse the payment.If you realize you've entered the wrong SWIFT/BIC code, you should also immediately contact your bank and ask them to cancel the transaction.Qonto’s SWIFT/BIC code checker helps you avoid the annoyance of entering the wrong SWIFT/BIC code when you transfer funds internationally.

This code looks right:

LGDTCN21XXX

Bank name

LG Display Guangzhou Co., .

City

Guangzhou

Country

China

Please note that we're unable to confirm the existence of this code or verify if it's the precise SWIFT code for the intended account.

Send international transfers to 130+ countries with Qonto

Need to pay your suppliers in foreign currency or outside the SEPA zone? With Qonto, you can make SWIFT transfers in 30 currencies in a 5-day delivery time.

Open an account in minutes

How is the swift code organised?

A SWIFT/BIC is a unique 8-11 character code that identifies your bank, country, city, and branch.

Bank code The first four letters stands for the bank name. Most of the time, these are a short version of their full-length name.
Country code The two following letters stands for the country name, where the bank is located.
Location code These two characters are a letter and a number. These points out the location of the bank's headquarter.
Branch Code The three last characters details the branch bank. If you see "XXX", this means that you have the SWIFT code of the bank's headquarter.

Discover International transfers with Qonto

LG DISPLAY GUANGZHOU CO., . SWIFT code

Including the components of your Swift code, including bank, country, location and branch code.

LGDT

Bank code

CN

Country code

21

Location code

XXX

Agency code

SWIFT Code:

LGDTCN21XXX

All your questions. Answered.

Why they chose Qonto?

black and white Photo Testimonial Blaise Chavane Bob Depannage

“I would recommend Qonto to all SMEs who want a simple and intuitive interface, to execute quick actions on their business account. Such as creating an account in 15 seconds, or keeping an eye on their finances easily.”

Blaise Chavanne

Co-founder @BobDepannage

Loved & trusted. 500,000 times and counting.

4.8