Find out all about SWIFT codes in this full guide SWIFT codes may also be referred to as a BIC: this stands for Business Identification Code. SWIFT codes include the bank’s address, branch number and destination country of the relevant global remittance. 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. SWIFT codes are another type of bank code, internationally recognised by banks and financial institutions as a method of identification when transferring money overseas. Read our full guide to IBAN numbers here What is a SWIFT code? An IBAN contains the account holder’s country, bank, and bank account and is used to ensure funds are deposited to the right account. It is used as a unique identifier for bank accounts around the world when initiating international money transfers. What is an IBAN?Īn International Bank Account Number - more commonly known in its shorter form IBAN - is a bank code consisting of up to 34 letters and numbers. Related Content SWIFT Code vs IBAN: What is the difference?ĭespite several differences, both IBANs and SWIFT codes are used to identify and facilitate international money transfers. South Georgia and the South Sandwich Islands.
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