IBAN and BIC (2024)

FAQs

What is my IBAN and BIC code? ›

On your paper bank statement

You'll find your IBAN and BIC on the first page of your paper statement. They're in the top-right corner, just below your sort code and account number.

To send money overseas with an IBAN, your recipient will have to be in a country that supports this system and will have to provide you with their IBAN number. However, in many cases, you will also need the recipient's SWIFT code in addition to the IBAN.

This added level of coded security reduces transaction errors, rejected payments, and transfer delays across borders. IBANs can only be used to send or receive funds, and they can't be used for other transactions, such as cash withdrawals.

Banks based in the US, Australia, China, and New Zealand do not use IBANs, but instead use a routing number as well as a SWIFT code (otherwise known as a BIC code) when processing wire transfers. IBANs are most commonly used in Europe, but some countries outside Europe also use IBANs.

It's important that you use the right IBAN code when sending money. If you get it wrong, your bank might send your money to the wrong destination, or it may charge you for an invalid payment. You can usually find your IBAN number by logging into your online banking, or checking your bank statement.

How do you find your SWIFT/BIC code? To locate your SWIFT/BIC code, check any paper or digital banking statements, or look at your account details on your online banking profile. You can also search for your BIC code using a digital SWIFT/BIC search tool by providing your country and bank location data.

The United States does not currently participate in IBAN. Therefore, Bank of America accounts do not have IBAN numbers.

A SWIFT code refers to a specific financial institution in an international transaction, whereas an IBAN number identifies an individual account and the country of business. It's the global equivalent to a bank account and an ABA routing number in the United States.

The best practice is to always get both codes before sending any money overseas. For anyone who needs to make an international transfer, understanding how the IBAN and SWIFT/BIC systems operate is the first step.

Enter the recipient's bank details, including their IBAN and the SWIFT/BIC code for their bank. Enter the amount you want to send and choose the currency you'd like your recipient to receive the money in. You might find that the currency is set automatically when you enter your recipient's information and bank details.

Can I use a SWIFT code instead of an IBAN? ›

Bank Requirements

In this case, they simply give you their IBAN number. However, in many instances, a bank requires both an IBAN number and a SWIFT code to pinpoint a recipient's bank and specific bank account number. If the country of the recipient does not support IBAN, SWIFT codes are the only other option.

This country code is followed by two "check digits", and finally a country-specific basic bank account number. In Ireland, the standard length of an IBAN is 22 characters made up of a combination of letters and numbers but it can be up to 34 characters long in other SEPA countries.

Using the wrong IBAN could result in a payment being returned or even sent to the wrong account altogether.

The United States does not currently use the IBAN system. Instead, U.S. bank accounts use ABA routing numbers for domestic money transfers and SWIFT codes for international money transfers.

An IBAN consists of a two-letter country code, two check digits and a Basic Bank Account Number (BBAN). A BBAN includes information about the domestic bank and account number. The IBAN print format adds one space after every four characters whereas the electronic format contains no spaces.

Identification. The main difference between an IBAN and SWIFT BIC code lies in what they're used to identify. A SWIFT code refers to a bank, while an IBAN will identify a specific bank account. Basically, a SWIFT number tells you where to pay, and an IBAN tells you who to pay.

The IBAN check digit consists of two digits in positions 3 and 4 of the IBAN. It is calculated using the MOD97 algorithm and provides the primary integrity check for the IBAN standard.

An IBAN contains up to 34 characters, including both letters and digits. The format is easily recognizable (GB29 NWBK 6016 1331 9268 19 in the UK, or FR14 2004 1010 0505 0001 3M02 606 in France), but the exact length depends on the country: 22 characters in the UK.

An IBAN consists of up to 34 letters and numbers and follows a specific format. In the UK, IBANs consist of 22 digits and include the country code, check digits, bank code, sort code, and bank account number. The first two letters represent the country where your bank is located.