For this reason, Bank Identifier Codes (BICs) are often called SWIFT addresses or codes. €“ Because of the vast population and number of branch locations in India, it is necessary to include full details of the Beneficiary's Bank. BIC + IBAN international bank transfers are faster, more efficient, and low-cost as they are sent directly through the SWIFT interbank network without using intermediary banks (who deduct charges or fees for their service). BIC + IBAN is not available in the United States of America, nor is it likely to be, with the decentralized structure of the US banking system and lack of nationwide banks. For example, ABA numbers (or routing codes) identify banks in the US and Canada, Sort Codes identify banks in the UK.

Country	City	Bank Name	Branch	SWIFT
Mongolia	Ulaanbaatar	Ulaanbaatar City Bank	Ulaanbaatar City Bank	CIBMMNUBXXX