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

The banking system of any industrially developed country is characterized by wide scale and all-encompassing activity. It's no secret that it is rather difficult to imagine any financial transactions without the participation of banks. Over the past few decades, the banking system has received such a large-scale development that this has led to an excessive growth of commercial credit organizations. Accordingly, in the context of a large increase in the number of non-state banks, the need to assign an individual number to each organization has increased. For this purpose, there is a BIC, a bank identification code, by which it will be possible to identify a particular credit institution. Today, knowing what the Bank's BIC is, you can find any financial institution registered in the register, even if its name is not available.

What is BIC Bank?

What is BIC Bank? Often, people who are far from the banking system, when filling out payment documents to pay bills, face such a term and come into perplexity. These data are often required when paying bills and transferring funds for services. The identification number is a nine-digit code, which is necessarily included in the details of the financial institution, regardless of the time of its operation and the scale of its activities. Nine-digit codes of all banks are included in a single register under the jurisdiction of the Bank of Russia, which, in its turn, deals with the assignment of numbers during the registration of a credit institution. However, it is not necessary to consider the assigned code as a simple set of figures, since each of them will not only allow you to find a bank at the BIC, but also provide some information about an institution.

The first two digits represent the country code, in this case the Russian Federation, the third and fourth are responsible for the code of the region in which the branch of the organization is located, the next two are talking about the conditional number of the structural division of the Bank. From the seventh to the ninth figure, the number of the credit organization in the branch of the "Central Bank" is hidden, where a correspondent account is opened . In this case, each of the nine figures will help determine the BIC of the receiving bank if the name of the organization to which the funds are to be transferred is unknown. Foreign credit companies use a letter coding, combined with numbers.

Where is BIC used?

It's unlikely that the bank's employees will ever wonder like "what is the BIC of the bank?" Because they have to work with this set of figures daily. The use of this code is mandatory on all payment documents that have at least a minimal attitude to the credit institution. At the same time, most people run into the BIC without paying attention to it, since it is indicated even on accounts for utility bills and cellular communications.

What information can be obtained from the BIC?

Knowing the nine-digit code, you can become the owner of quite comprehensive information about the commercial financial institution, on account of which the transfer of money is planned. An approximate 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 institution and some facts from the history of its existence, if any, in the general register of data of the Bank of Russia;
• No less important is the opportunity to find out a subdivision of the Central Russian Bank that issued accreditation to this institution.

How to find a bank by BIK?

Do not think that the search for the required organization is inaccessible to most citizens. Each credit company is not simply fixed by the identification number in the register, but is also regularly indicated in a special directory issued by the "Central Bank". In addition, if you need, for example, to find an answer to the question of how to find out the bank's BIC, you can use the special online search services located on the official website of the Central Bank of Russia.

How to obtain a BIC for a credit institution

Not every financial company has the right to be in the banking system, moreover, not every of them has the right to be called a bank. If the online service did not help you in finding an answer to the question of how to find a bank at the BIC, it is quite possible that the organization you are looking for does not consist in the financial system of the Russian Federation. This is due to the fact that the assignment of an identification number to the single register is exclusively handled by the Central Bank. The registration process can be carried out only through an official application with the provision of all necessary documents confirming the legality of the company's activities. The code is assigned in order to which all banks are subordinated, starting with the first digit indicating the country, and ending with the seventh, eighth and ninth digits that indicate the conditional number of the client's credit institution where the main correspondent account is opened.