What Is A BIC Number

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

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Bank ID number

It’s in the app, on your profile

MONZGB21

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

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Also known as a SWIFT Address or SWIFT code

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

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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

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

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

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