When making international bank transfers, you may be asked to provide certain codes to correctly identify the destination bank and account. Below is an explanation of each code and when it's used.
SWIFT Code (Society for Worldwide Interbank Financial Telecommunication)
The SWIFT code, also known as the BIC, identifies a specific bank internationally.
Format: 8 or 11 characters
- First 4: bank code
- Next 2: country code
- Last 2 or 5: location and branch code
Example: COLOCOBMXXX
Use: Required to send or receive international transfers.
BIC (Bank Identifier Code)
The BIC is simply another name for the SWIFT code. Both refer to the same identifier and can be used interchangeably to identify a bank internationally.
Do I need these codes to use Betano in Colombia?
No. For national deposits or withdrawals within Colombia, you do not need a BIC, or SWIFT code.
These codes are only required if you are making an international transfer to or from a foreign account.
Where can I find these codes?
You can find them through:
-
- Your online banking platform
- Your bank statements
- Contacting your bank directly