Money, sales tax and addresses · A term for founders abroad
What is a SWIFT code?
BIC. The 8- or 11-character code that identifies a bank for international wires; what a payer outside the US needs to send dollars to your US account.
Checked against the IRS's instructions and the states' own rules. Reviewed by Saais Patel, compliance reviewer.
Term 95 of 105 in the glossary, filed under S.Every term, A to Z
SWIFT code, for a founder abroad.
A SWIFT code, or BIC, identifies a bank on the international network banks use for wires across borders. A client abroad paying your US company by wire needs the bank's SWIFT code and your account number; a US client paying by ACH needs the routing number instead.
International wires usually cost the sender a fee, and banks along the way can take a cut before the money arrives. Wise can give a company local account details in other currencies, which is often cheaper for clients abroad than a wire.
What founders ask next.
- Does my US account have a SWIFT code?
- Yes, through the bank or the fintech's partner bank. It's on the account details page, often under international wires.
03 · See also
- Money, sales tax and addressesRouting numberThe nine-digit number that identifies a US bank for ACH and wire transfers; given with the account number so US clients can pay you.Read the term
- Money, sales tax and addressesACHThe US network for bank-to-bank transfers inside the US, usually arriving in one to two business days, and how most US clients pay suppliers.Read the term
- Money, sales tax and addressesMid-market rateThe midpoint between the buy and sell prices of two currencies, with no markup; the benchmark for what converting money really costs.Read the term
- Money, sales tax and addressesNexusThe link with a state that obliges a seller to collect its sales tax, created by a presence there or by sales above the state's threshold.Read the term
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