2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
The banking system of any industrialized country is characterized by its wide scale and all-encompassing activities. It is 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 been so massively developed that it has led to the excessive growth of commercial credit institutions. 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 a bank's BIC is, you can find any financial institution recorded in the register, even if its name is missing.
What is the Bank's BIC?
What is the Bank's BIC? Often, people who are far from the banking system, when filling out payment documents to pay bills, come across such a term and are perplexed. This data is often required when paying bills and transferring funds for services. The identification number is a nine-digit code,necessarily included in the details of a financial institution, regardless of the time of its work and the scale of activity. The nine-digit codes of all banks are included in a single register administered by the Bank of Russia, which, in turn, is responsible for assigning numbers during the registration of a credit institution. However, you should not consider the assigned code as a simple set of numbers, since each of them will not only allow you to find a bank by BIC, but also provide certain information about a particular institution.
The first two digits represent the code of the country, 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 indicate the conditional number of the structural unit of the Bank. From the seventh to the ninth digit, the number of the credit institution in the branch of the Central Bank, where the correspondent account is opened, is hidden. Moreover, each of the nine digits 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 letter coding combined with numbers.
Where is NIC used?
It is unlikely that bank employees will ever ask a question like "what is a bank's BIC?", since they are the ones who have to work with this set of numbers on a daily basis. The use of this cipher is mandatory on all payment documents that have at least a minimal relation to a credit institution. At the same time, most people encounter BIC without paying attention to it.attention, as it even appears on utility and cell phone bills.
What information can I get from the BIC?
Knowing the nine-digit code, you can become the owner of quite comprehensive information about the commercial financial organization to which the money is planned to be transferred. An indicative list of useful data is presented below:
- location of the bank and date of its opening;
- actually the name of the institution;
- correspondent account of a credit institution and some facts from the history of its existence, if any, in the general data register of the Bank of Russia;
- no less important is the opportunity to find out the division of the Central Russian Bank that issued accreditation to this institution.
How to find a bank by BIC?
Do not think that the search for the desired organization is inaccessible to most citizens. Each credit company is not only recorded by an 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 the answer to the question of how to find out the BIC of a bank, you can use special online search services located on the official website of the Main Bank of Russia.
How to get a BIC for a credit institution
Not every financial company has the right to be in the banking system, moreover, not every one of them has the right to be calledbank. If the online service did not help you in finding an answer to the question of how to find a bank by BIC, it is quite possible that the organization you are looking for is not in the financial system of the Russian Federation. This is due to the fact that the assignment of an identification number with entry in a single register is carried out exclusively 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 the order that all banks obey, starting with the first digit indicating the country and ending with the seventh, eighth and ninth digits, which indicate the conditional number of the client's credit institution where the main correspondent account is opened.
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