Do you need a BIC? IBAN only in SEPA
What the European Payments Council says about IBAN and BIC for SEPA credit transfers, since when a BIC is not needed, and when a BIC still matters.
Official source: European Payments Council, IBAN and BIC. Checked
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What the EPC says
The EPC page says that since February 2016 the "IBAN only" rule has applied to euro SEPA credit transfers: payers and payees no longer have to give the other party's BIC, because the IBAN is sufficient to process the transaction. Payment service providers can use third-party databases to link an IBAN to its BIC (EPC).
Two identifiers, two jobs
| Identifier | Standard | What it identifies |
|---|---|---|
| IBAN | ISO 13616 | An account: country code, check digits and a basic bank account number |
| BIC | ISO 9362 | A payment service provider, including its country, and possibly a branch |
Together they allow any account in any country to be identified (EPC). The IBAN registry is published by Swift as the ISO registration authority (Swift).
When a BIC may still be asked for
The EPC page is about euro SEPA credit transfers. A transfer outside that scheme, or a form written for another system, may still ask for a BIC. We have not read which systems do, so ask the bank or the form's instructions. Our format checker tells you whether a code you were given has a valid shape.
Why the BIC still appears in documents
Banks print BICs on statements and websites, and invoices from companies in many countries include them. A BIC on an invoice is a hint to find the right bank, not a guarantee that the account is right. Compare the IBAN with the recipient through a channel you trust. See before you send money.
Left out on purpose
Non-euro SEPA payments, the SEPA Regulation text and national rules were not read for this page.
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