LEI vs BIC/SWIFT: What's the Difference?
Anyone who has made an international bank transfer has used a BIC, often called a SWIFT code. The LEI sometimes gets confused with it, but they identify different things.
What a BIC/SWIFT code is
A BIC (Business Identifier Code), commonly known as a SWIFT code, identifies a bank or branch within the global payment-messaging network operated by SWIFT. Defined by the ISO 9362 standard, it lets a payment message reach the right financial institution. A BIC identifies a bank in a payments context — not a company in a trading context.
What an LEI is
An LEI (Legal Entity Identifier), defined by ISO 17442 and governed by GLEIF, identifies the legal entity itself — any organisation, not just a bank — for financial-market transactions and regulatory reporting. (See What is an LEI code?)
How they differ
- What they identify: BIC = a bank/branch for payments; LEI = a legal entity for trading and reporting.
- Standard: BIC = ISO 9362; LEI = ISO 17442.
- Who holds one: only financial institutions hold BICs; any legal entity can hold an LEI.
A bank typically has both. For most non-bank companies, the LEI is the one that matters.
See also LEI vs VAT number and LEI vs TIN/EIN.