A Bank Identifier Code (BIC) is a unique code used to identify financial institutions globally. It is essential for international transactions, ensuring that money is sent to the correct bank. The BIC is often used alongside the International Bank Account Number (IBAN) to facilitate cross-border payments. The BIC typically consists of 8 to 11 characters, which include letters and numbers. The first four characters represent the bank, the next two indicate the country, and the following two specify the location. If present, the last three characters can identify specific branches of the bank, enhancing transaction accuracy.