Making international money transfers is easier than ever before with smart apps that help you send your money overseas in a matter of a few minutes. However, before you can make a transfer, you may need two vital pieces of information – the SWIFT code and the IBAN – so the sender can route the money to the correct recipient.
This article answers the following questions:
- What is an IBAN?
- What does an IBAN code look like?
- How do I find an IBAN number?
- What is a SWIFT or BIC code?
- What does a SWIFT code look like?
- How do I find a SWIFT code?
What Is an IBAN?
The IBAN (or International Bank Account Number) is a standard international numbering system developed to identify an overseas bank account. The IBAN code helps the sending bank identify the correct bank in which to deposit the recipient funds in cross-border money transfers and other international transactions.
What does an IBAN code look like?
The IBAN code is up to 34 digits that identifies the bank account using the following format:
- Country code using two letters,
- Check digits (for error detection) using two numbers and
- Basic Bank Account Number (BBAN) – up to 30 alphanumeric characters that are country-specific.
An example of a UK IBAN is GB98RBOS16605010796587.
GB is the country code 98 are the check digits, RBOS is the bank – Royal Bank of Scotland, 166050 is the sort code (also known as routing code) and the last 8 digits are the personal account number.
Some countries, such as the US, Canada, Australia, and New Zealand do not use IBAN numbers. To transfer money to the US and Canada you’ll need the routing code and the bank account number.
In Australia, you’ll need a BSB (bank state branch code), which is 6 digits in the format XXY-ZZZ. The first two digits (XX) specify the bank/financial institution where the money is being sent. The third digit (Y) tells which state the branch is located in. The last three digits (ZZZ) specify the address of the branch. You’ll also need the personal account number.
For New Zealand, ask your recipient for their 16-digit account number in the format: AABBBBCCCCCCDDD. The first 2 digits are the Bank code. BBBB denotes the specific branch location which holds the account. CCCCCCC – the next 7 digits are the specific account number for the individual account and finally DDD shows the type of account (e.g. business, checking or savings).
For codes or information other countries require, you can check our bank account transfer details and timeline for a guide.
How do I find an IBAN number?
You can find theIBAN numberon the bank’s statement or on the bank’s website or customer portal. You can also use an online IBAN generator to calculate an IBAN code. You’ll need the bank account number and the branch/sort/routing code.
What Is the Difference Between IBAN and SWIFT Codes?
SWIFT stands for Society for Worldwide Interbank Financial Telecommunications, which is a messaging network that banks use to send and receive information to enable global money transfer transactions. Each financial institution has its SWIFT code, sometimes also called a BIC (Business Identifier Code). So while the IBAN identifies an individual bank account, the SWIFT identifies the bank in which the sender and/or receiver’s account is held.
What does a SWIFT code look like?
SWIFT codes are typically shorter than IBANs, using 8- to 11-character codes. The code identifies the bank, country, location, and branch. The code’s format is AAAABBCCDDD. The first 4 digits are the bank code. BB denotes the country code. CC is the location of the bank’s head office and DDD in the branch code. Some banks do not have specific branch codes so they will have an 8-digit SWIFT or add XXX to the end.
For example, the SWIFT code for the branch of Barclays Bank at 1 Churchill Place, London is BARCGB2T.
How do I find a bank’s SWIFT code?
You can locate a bank’s SWIFT code by typing “Swift Code” and the bank name into Google.
To make almost all international money transfers, you’ll need the correct SWIFT code so make sure you double check the information before attempting to send money. If you become aware of an error, contact your bank immediately. They may be able to reverse the payment if it hasn’t already been processed. Alternatively, you may have to wait for the receiving bank to send the money back, which may take some time.
Using a dedicated money transfer app can make the process quicker and easier. You can store banking details, so you won’t need to re-input each time you make a new payment, saving you time and frustration. You can also check the approximate cost of your transfer using out online Price Estimator.
If you need more help transferring money, check out our FAQs and Contact Information pages.
