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?


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

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