The “Invalid BIC”-error when trying to carry out a EUR withdrawals means that your bank is not part of the network of SEPA-reachable banks. The list of participating banks is updated on a weekly basis. Our bank uses the list maintained and provided by the German Bundesbank in Frankfurt, Germany.
The full list of reachable BICs from the German Bundesbank can be found by clicking here (CSV-file).
If your bank is part of the SEPA network but you still get the error, this could mean that withdrawals to your bank are restricted because past withdrawals have frequently been rejected or returned.
Another reason for receiving this error is that the BIC is valid in principle but it belongs to a bank outside the SEPA zone (e.g. Turkey, Kosovo, etc.). You can find a full list of countries that are part of SEPA by clicking here.
Furthermore, there are certain rare combinations of IBAN and BIC where the first 2 letters of the IBAN are not represented as the 5th and 6th character in the BIC. Unfortunately our bank is not able to process these.
It is also possible that you have entered a BIC that does not correspond to the IBAN that you have entered. You can check the corresponding IBAN using an online IBAN validator such as IBAN.com. Enter you IBAN there and the corresponding BIC should show up below. See below for an example.