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I noticed that TransferWise when you do for example a crossborder money transfer, they only ask for IBAN, name and a reference. Then, they calculate a BIC code for that transaction based on the IBAN which you cannot change.

Is it really needed anyway? When you send money locally , within the same country, BIC is not needed, from what I have seen.

So, does transferwise really need any BIC number?

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  • Many countries banks still using BIC, and some banks even have different BIC from the process of merging and acquisition. An external service entity like Transferwise definitely needs the BIC to make sure the fund is going to the correct place. If in doubt of BIC, you can always test transfer a puny (e.g. US$5 ) and see whether it go through.
    – mootmoot
    Jun 24, 2019 at 12:02

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Any transaction using SWIFT network needs BIC. Most international transfers work on SWIFT.

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