( Finance : Banking )
To be granted the domestic rate, a customer must give his bank precise details of
the beneficiary, including the BIC and IBAN.
Some countries also add to the IBAN the first 4 characters of the BIC code between the check digits and the basic bank account number.
A BIC is a number used by a particular bank or financial organization for sending and receiving
Collins English Dictionary. Copyright © HarperCollins Publishers