SWIFT codes include the bank’s address, branch number and destination country of the relevant global remittance. The SWIFT codes identify the bank, while the IBAN identifies the bank account. SWIFT codes are shorter than IBAN numbers – made up of 8 to 11 characters – but they serve a similar purpose: to provide crucial details during the process of transferring funds to an overseas bank account. SWIFT codes are issued by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) and should not be confused with IBANs. What is a SWIFT/BIC code?Ī SWIFT code is another type of bank code, internationally recognized by banks and financial institutions as a method of identification when transferring money overseas. This will usually contain the actual individual bank account number as well as the bank code and bank branch reference.Įach country has their own specific format for basic bank account numbers, and depending on the country involved, it can be up to 30 digits long. What is a basic bank account number (BBAN)?Īll characters after the two digit check numbers may be referred to as the basic bank account number. IBANs are used in most countries around the world, though they aren’t used in the US. You can find your IBAN on account statements or on your internet banking profile. You’ll need an IBAN when making an international money transfer, to identify the specific bank account you want to send money to. The six digit sort code of the bank branch (GB33BUKB 20201512345678)Ĩ digit code of the bank account number (GB33BUKB202015 12345678) The format of any IBAN number can be translated as follows: South Georgia and the South Sandwich IslandsĪn example of an IBAN is: GB33BUKB20201512345678.
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