What is the BIC, what is it used for and how to get it?

The Banking system of any industrialized country has a wide scope and all-encompassing activity. It is no secret that it is difficult to imagine any financial transactions without the involvement of banks. Over the last few decades the banking system has gotten so large-scale development has led to excessive growth of the commercial credit organizations. Accordingly, in the context of a large expansion in the number of private banks has increased the need for assigning the individual number of each organization. For this purpose, and there is a BIC, Bank identification code, by which to determine a particular credit organization. Today, knowing that this BIC, it is possible to find any financial institution specified in the register, even in the absence of its name.

What is the BIC?

What is the BIC? Often people who are far from the banking system when completing payment documents for payment of invoices across this term and come into confusion. These data are often needed when making payment and transfer funds for services. The identification number is a nine-digit code necessarily included details of the financial institution, regardless of the time of its work and outputs. Nine-digit codes of all banks included in the single registry, administered by the Bank of Russia, which in turn deals with the assignment of rooms during registration of the credit organization. However, it is not necessary to consider the assigned code as a simple set of numbers, because each of them not only will allow you to find the Bank Biku, but will provide some information about a particular institution.

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The First two digits represent country code, in this case the Russian Federation, the third and the fourth is responsible for the region code, which is a branch of the organization, the next two speak about the conditional number of structural division of the Bank. From the seventh to the ninth digit hidden number of credit organizations in the Department of “Bank”, where the correspondence account is opened. Each of the nine digits will help determine the BIC of the recipient Bank, if you do not know the name of the organization to which you want to transfer funds. Foreign credit companies use literal encoding, combined with numbers.

Where you use the BIC?

It is Unlikely that the Bank staff will ever ask a question like, “what is the BIC?”, because they have to work with this set of numbers daily. The use of this cipher is required on all payment documents that have at least a minimal relation to the credit institution. The majority of people face a BIK, not paying attention to him, because he even indicated in accounts for utilities and cellular communication.

What information can be obtained by Biku?

Knowing a nine-digit cipher, you can become the owner of a quite comprehensive information about the commercial financial institution, on which account it is planned to transfer the money. A sample list of useful data is presented below:

• The location of the Bank and the date of its opening;
• The actual name of the institution;
• The correspondent account of the credit organization and some facts from the history of its existence, if any, in the General registry of the data of the Bank of Russia;
• Equally important is the opportunity to learn the division of the Central Russian Bank that issued the accreditation of the institution.

How to find Bank Biku?

Do Not think that the search for the desired organization is not available to most citizens. Every credit company is not just recorded by ID number in the registry, but also regularly displayed in the special directory, produced ‘Bank”. In addition, if you require, for example, to find the answer to the question of how to find the BIC, you can use special online services search, located on the official website of the Main Bank of Russia.

How to get BIC for credit institutions

Not every Finance company has the right to stay in the banking system, moreover, not every one of them has the right to be called a Bank. If an online service does not help you in search of an answer to the question of how to find a Bank at the Bicu, it is possible that the required organisation is not in financial system of the Russian Federation. This is due to the fact that the identification numbers to be entered in the unified register engaged solely in the ‘Bank”. To carry out the registration process only through official statements by providing all the necessary documents confirming the legality of the activities of the company. The assignment code is performed in order, which is subject to the banks starting with the first digit indicating the country, and ending with the seventh, eighth and ninth digits that say about the conditional number of the credit organization, with its main correspondent accounts.