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What are IBAN and SWIFT Codes?

Those, who want to make financial transaction across the border, they may face confusion between IBAN and Swift code as both are used for the international money transfer. Here the details of these two codes are given below:

IBAN code:

IBAN stands for International Bank Account Number, which is used to transfer money to an individual account internationally. The IBAN reduces the risks of transcription error while processing money transaction. By using this code, an individual can directly send money to the account of another across the border. This code improves the way of transferring money internationally. It is standardized by the European Committee for Banking Standards (ECBS) due to the lacking of routing information in the SWIFT code and after that, it is also adopted by the ISO (International Organization for Standardization). At the initial phase, the code is necessary only for transaction within the European countries and then it spreads to the other parts of the world.

About the codes:

The IBAN code consists of 34 characters and it is alpha-numeric code.

Country code: it is 2 digits country code as per the ISO standard.

Check code: a bank institution uses this code to check the integrity of the IBAN that is why it varies with the user.

Bank identifier: this identifies the branch and the office of the financial institution for transferring the money.

Basic Bank Account Number: it is incorporated to add an individual account number under a certain bank of the country.

The use of IBAN code:

As stated above, IBAN code helps in transferring funds to a cross-border account number, but you should keep in mind some factors related to the using of the IBAN code.

SWIFT codes:

SWIFT code is the standardized format of ISO for transferring money between the banks internationally. Unlike the IBAN code, it cannot transfer the money into an individual bank account. This code is used for the money transfer between the banks across the borders. The registration for the SWIFT code is handled by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) and under a standardized format of the ISO. This code works as a Bank Identifier Code that helps to communicate between banks, either for the financial reason or for transferring the message.

The SWIFT code comprises of 8 or 11 characters, the former one is used in active connection between primary offices and the later one is needed for the branches of the primary offices.

SWIFT codes are responsible for transferring financial messages between the banks and this code is used more than the IBAN code worldwide as because the use of the IBAN code is mainly used in the European countries for money transferring.

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3 thoughts on “What are IBAN and SWIFT Codes?
  • Patrice Ackerman says:

    Swift code for Chase Bank

  • Mrs Linda Ti says:

    Re: international banking acct no IBAN
    I need to find out my son ‘s IBAN in HSBC Cambridge .
    It’s GB ? ( not sure what e check no is )MIDL ( HSBC, Cambridge UK) I know his sort code 401608 and his Personal acct no .. 8 numerical .
    Can u help me get e check code please? My son ‘s bank is
    HSBC bank at 63-64 St Andrew’s Street Cambridge , CB2 3BZ
    Thank you . Mrs Ti

  • Mrs. K says:

    I need to locate the IBAN number for the China Everbright Bank, Dongguan Dalang Branch
    in order for me to complete a wire transfer

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