1. When do you need a swift code or BIC?
Answer: You need to have a swift code or BIC if you want to make a payment to someone outside your country. Be it your friend or relatives or your own account in a different country, your bank needs BIC Code in order to route money to your bank account in that specific region outside your current country of residence.
2. My bank has not given any swift code to me. Now what ?
Answer: In most cases banks would figure out or let you know the swift code for their branch or a common BIC code themselves. In case you are trying things online and don't know or find it in swift directory online, you will need to figure it out by way of asking them or by simply posting comment on blogs like ours or I see a good website for swift code related questions here.
3. What is BIC code? is it same as swift code.
Answer: Yes, please don't confuse between the two. It is the same thing.
4. Why do we refer to same swift code of 8 digit in case of some banks ?
Answer: Some banks use a common code for their all international clearances. So they use their country headquarter as centralized location and hence single swift code.
5. My bank or credit union does not have a swift code. Now what ?
Answer: Yes, some of the banks might not deal with the swift transfer or international funds transfer on their own. In such cased they use third party larger banks as intermediary for this purpose.
Please note that credit unions are not entitled for swift transaction in US but they do in Australia. So you need to confirm with them if they are using and intermediary or not.
Hope this all helps. Else please feel free to comment here for further clarifications.