Get exclusive money-saving offers and guides
Straight to your inbox
By signing up, you agree to the Finder
Privacy & Cookies Policy
and
Terms of Use, Disclaimer & Privacy Policy.
Bank codes demystified: IBAN and SWIFT
We break down these international systems that move your money between countries.
Guides
Exchange Rates
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
Banks and other financial institutions keep track of your money using a system of unique codes assigned to each bank or account they do business with. Different countries use different systems, and the two most common are IBAN and SWIFT codes.
SWIFT codes vs. IBAN numbers
| Description | Where you can find it | Example | |
|---|---|---|---|
| SWIFT | A SWIFT number is an alphanumeric number containing information that identifies a bank and branch. It can be eight or 11 characters long, depending on which bank office it refers to. | Bank statement, Online banking system, Inquire in the bank | NFBKUS33 |
| IBAN | 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. | Bank statement, Online banking system | GB 29 NWBK 601613 31926819 |
What is a SWIFT code?
SWIFT is short for the Society for Worldwide Interbank Financial Telecommunication. Despite its oversized name, it's simply a worldwide bank ID.
Unlike IBAN, which identifies specific bank accounts, SWIFT refers to a specific bank only — including banks in Australia. Some 40,000 banks and offices worldwide are part of the SWIFT network.
What does a SWIFT code look like?
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.
An example of a SWIFT code is this one for Westpac WPACAU2S. If the sending bank requires an 11 character SWIFT code, Westpac uses the same generic one for all of their branches, and it is WPACAU2SXXX.
We can break down this SWIFT code to discover:
- A four-letter bank code.
- A two-letter country code.
- A two-letter location code.
- A two-digit branch code.
Where can I find my SWIFT code?
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.
Is my SWIFT code the same as my routing number?
No. For domestic payments, Australian banks use a domestic routing code to identify your specific bank and bank account. It's made of a nine-digit number that identifies your bank, branch and your unique account number.
This routing number is found by signing in to your online banking system or reading your bank statement.
Send money overseas with TorFX
TorFX guarantees to match any competitor's exchange rate. Conditions apply.TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
What is an IBAN code?
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 to an international recipient — specifying the IBAN number makes for faster transactions.
What does an IBAN code look like?
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 GB 29 NWBK 601613 31926819.
Breaking down our UK IBAN code, we find:
- A two-letter country code.
- A two-digit transaction number.
- A four-letter bank code.
- A six-digit bank sort code.
- A unique number specific to the bank account.
Where can I find my IBAN number?
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.
Bottom line
The mysterious IBAN and SWIFT codes are anything but: They identify specific banks among the many financial transactions conducted worldwide among bank accounts. And they're especially important when it comes to international money transfers.
Learn more about getting the best rates and fees to friends, family and businesses abroad in our guide to international money transfers.
Frequently asked questions
Send money overseas with TorFX
TorFX guarantees to match any competitor's exchange rate. Conditions apply.TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
More guides on Finder
-
International money transfer services
Beat the banks, find the best exchange rates and avoid fees when you send money abroad from Australia.
-
Review: TransferMate international money transfers
Learn about how TransferMate’s personal product works and what it can do for you.
-
QR code software
Here's everything to keep in mind when choosing QR code software to meet the needs of your business.
-
How do international money orders work?
Using international money orders to send money overseas? Learn about better options.
-
Money Transfer Finder®
Our picks for the best ways to send money internationally.
-
3 reasons why you should connect your bank account to the Finder appÂ
What you can do when you connect your bank account to the Finder app.
-
Submission to the Select Committee on Financial Technology and Regulatory Technology
Our submission to the Select Committee on Fintech & Regtech where we called for more companies to be included in the CDR accreditation process, the accelerated introduction of 'write-access' to Open Banking and a number of suggestions to help Australia take a prominent role in global blockchain standards.
-
Aussies really love to tap and pay, and we’ve all but abandoned cheques
Cheques are likely to become obsolete as we embrace new payment technologies.
-
US Fed: Here are 9 reasons why we’re not creating a US digital currency
The tenth reason is that a lot more research is needed before it's remotely safe to do so.
-
Review: Payoneer for online sellers
Read our guide to Payoneer and how it can help marketplace sellers save money when receiving international payments.
International Money Transfer Offers
Important Information*
Ask an Expert
