Number that identifies the beneficiary bank of a transfer. The BIC code (Bank Identifier Code, in English) completes the information provided by the IBAN Code (International Bank Account Number, in English). Normally it consists of 11 characters, although sometimes it can be only eight. It is also often known by the code name or address Swift. For an intra-community transfer to be subject to the same commission as a national transfer of the same amount, the payer must provide the bank with the IBAN and BIC codes of the beneficiary.
Origin: Bank of Spain