TorFX Offer
| SWIFT | IBAN | |
|---|---|---|
| Use | Identifies banks and bank branches | Identifies banks and individual bank accounts |
| Format | Alpha-numeric code, usually 8-11 characters, which starts with a bank code, then a country code and a location code. | Alpha-numeric code, starts with a country code and then a bank code, followed by 2 check digits and a basic bank account number (BBAN). |
| Example | NFBKUS33 | GB 29 NWBK 601613 31926819 |
| Who uses it? | 200 countries use SWIFT | At least 79 countries, mainly in Europe and the Middle East, use IBAN |
SWIFT is short for the Society for Worldwide Interbank Financial Telecommunication. It's a global messaging network used by financial institution to send and receive information, such as international money transfer instructions.
A SWIFT (or BIC) code can identify a specific bank but not a bank account. Some 11,000 banks and offices worldwide are part of the SWIFT network.
A SWIFT number is an alphanumeric number containing information that can identify either a bank, or a bank and particular branch. It can be 8 or 11 characters long, depending on which bank office it refers to.
As an example, ING's SWIFT code in Australia is INGBAU2SXXX
We can break down this SWIFT code to discover:
If you live in a country that participates in SWIFT, find your SWIFT number on your bank statement, by signing in to your online banking system or by calling your bank.
If you're sending money internationally and need a SWIFT number, ask your recipient for the SWIFT number of the bank to which their account belongs.
You can also find these numbers with a quick Google search.
If you're sending money overseas using a SWIFT code, the bank may also require a routing code to identify the bank account. US banks require a routing code.
If you're transferring money domestically you won't need a SWIFT code or a routing code. The BSB number is used instead.
Short for International Bank Account Number, an IBAN code is a unique number assigned to specific bank accounts involved in international business.
Though not exclusive to Europe, IBAN is used in most European countries. Australia does not use IBAN numbers, but you could encounter them when sending money internationally.
An IBAN number is an alphanumeric number containing information that identifies a bank, country and account number. With lengths fixed by country, IBAN codes can be up to 34 characters.
An example of an IBAN code in at Great Britain's National Westminster Bank is GB29NWBK60161331926819.
Breaking down our UK IBAN code, we find:
If you live in a country that uses IBAN, you can find your IBAN number on your bank statement or by signing in to your online banking system.
If you're sending money internationally and need an IBAN number, ask your recipient for the IBAN number of their deposit account.
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