To help you understand the IBAN number and SWIFT code better, we have highlighted the differences for you.
- SWIFT code is helpful in providing network for banks to receive and send information in a secure and standardized environment while making transfer to a particular account. On the other hand, IBAN identifies the particular bank you are going to use to make the overseas transfer.
- Bank SWIFT code is a set of 8 or 11 digits that represent the branch of your bank. IBAN starts with a two digit country code followed by two numbers and up to three to five alphanumeric characters.
On the international front, there are two standardized methods that are used for identifying the bank accounts when transfers are made from one nation to another. They are:
IBAN: International Bank Account Number is the code that is used for identifying the individual’s account that is involved in international transactions.
SWIFT: Society For Worldwide Interbank Financial Telecommunication is the code that is used for identifying a particular bank when the transactions are made internationally.
To complete the international bank transactions, IBAN and SWIFT codes are essential components.
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