What Is A BIC Number

(Simmy) #1

Gave someone my details to setup a direct debit earlier so they could pay money IN each month and they said they may need a bic number because they had never sent money to an online bank before

(Will flag Danny for cake) #2

Bank ID number

It’s in the app, on your profile


Can’t see why they need it though :woman_shrugging:

(knows someone who knows Tom quite well) #3

Also known as a SWIFT Address or SWIFT code

(Change Works) #4

It’s good that whoever it was is anticipating potential problems for something they’ve never done, rather than just saying no. :+1:

(Peter Roberts) #5

A direct debit to pay money into your account each month? That wouldn’t be a debit but a credit right?

Can direct debits work in the reverse direction? I’ve never personally experienced this

(Simmy) #6

Whatever it is, it will be some form of bank transfer every month :slight_smile:

(Andy - Customer of Monzo - Own Thoughts) #7

Direct Credits are what business typically use to pay salaries. It’ll likely be a Faster Payment or something along those lines.