IBAN stands for International Bank Account Number. It is used to ensure that international money transfers are processed correctly. IBAN is mainly used across Europe, and other areas like the Middle East, the Caribbean and parts of North Africa.
SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. Its purpose is to identify bank accounts when making a cross-border bank transfer. Both SWIFT and IBAN are important when sending money abroad.
The difference between SWIFT and IBAN is the information they contain. SWIFT is used by a specific bank when making a cross-border transfer while IBAN is used to identify a specific account used in making a cross-border transfer.
A Society for Worldwide Interbank Financial Telecommunication (SWIFT) code is another internationally recognised method of identifying bank accounts when making international payments.
SWIFT itself is a global network that processes payments between different countries, and is the main system used throughout the financial world to make payments with speed, safety and assurance.
SWIFT codes are used to identify a specific bank or branch. BIC stands for Bank Identification Code (or Bank Identifier Code) and is a term used interchangeably with SWIFT.
As with IBAN numbers, SWIFT/BIC codes can be found on your paper statements or by logging into your online banking account.
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