Table of Contents
In international banking, transactions can involve International Bank Account Number (IBAN) codes, which indicate a specific foreign bank account number, and Society for Worldwide Interbank Financial Telecommunication (SWIFT) codes, which identify a particular financial institution. Depending on the countries and banks involved, sometimes only one of these codes is needed to make an international transfer and sometimes both. Knowing the difference between these codes and how and when each is used can be valuable when transferring funds globally.
Key Points
• IBAN codes identify specific bank accounts in international transactions, while SWIFT codes identify specific financial institutions.
• IBANs are up to 34 characters long and include a country code, check digits, a bank identifier, and a basic account number.
• SWIFT codes are 8 or 11 characters long and include a bank code, country code, location code, and sometimes a branch code.
• IBANs are used mainly in Europe and other regions, while SWIFT codes have a broader global reach.
• Both codes may be required for international transfers, depending on the countries and banks involved.
What Is an IBAN?
An IBAN is an International Bank Account Number. This number, up to 34 alphanumeric characters, pinpoints a person’s individual bank account in participating countries.
Because countries operate with different currencies, regulations, and financial institutions, IBANs help standardize cross-border transactions. IBANs can play an important role in getting funds transferred into the correct checking account or savings account.
Each unique alphanumeric IBAN code contains:
• A two-letter country code
• Two “check digits” for error detection
• Up to 30 alphanumeric characters that form the Basic Bank Account Number, which includes a bank identifier and an account number
More than 90 countries currently use IBAN numbers when conducting money transfers. The largest collection of these countries is in Europe, but several North African, South American, Caribbean, and Middle Eastern countries participate as well.
IBANs aren’t used in America. Instead, an American Bankers Association routing transit number (ABA routing number) and a bank account number identify checking and savings accounts. But if you’re wiring money internationally to a country that uses IBANs, you’ll need to know that number.
(Worth noting: Canada, Australia, and New Zealand also don’t use IBANs but instead use their own systems for identifying accounts.)
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Understanding SWIFT Codes
SWIFT stands for Society for Worldwide Interbank Financial Telecommunication, a messaging network through which financial institutions can communicate securely across borders. This is a popular payment network for international wire transfers, but it’s not the only network.
A SWIFT code is a globally accepted standard BIC (Bank Identifier Number) for SWIFT transfers. Essentially, a SWIFT code refers to a specific bank or financial institution during international transfers. In that way, SWIFT codes serve a similar purpose internationally as routing numbers do domestically in the United States.
SWIFT codes are much shorter than IBANs, with 8 or 11 characters. Each contains:
• The first four letters identify the bank
• The next two letters are the country code
• The next two characters signify the bank’s main office location
• If applicable, the final three characters refer to a specific branch (these are used by large banks with multiple branches in various countries and regions)
Unlike the case with IBANs, U.S. bank customers typically have SWIFT codes affiliated with their accounts. (Some smaller banks and credit unions may not directly participate in the SWIFT network, however.) Your bank’s code will play a role if you’re sending money overseas or if you’re receiving funds from abroad.
It’s also important to know that there are several countries where access to the SWIFT payment system is heavily restricted or limited for certain banks, such as North Korea, Belarus, and Russia.
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Key Differences Between IBAN and SWIFT
The major differences between IBAN vs. SWIFT codes come down to where each is used, what information each contains, and what kinds of transactions each is used in. Here are important points to know:
Geographic Coverage
IBANs are primarily used for identifying bank account numbers in the European Union and nearby countries (such as Israel and Turkey), but other countries in South America and the Caribbean have adopted these codes as well. The United States, again, doesn’t use IBANs. Instead, bank account numbers and routing numbers are used domestically.
The SWIFT system has a global reach. It’s a widely used network for identifying banks when managing international transfers in many countries in North America, the European Union, Africa, Central and South America, as well as China and India, and more. That said, not every nation uses SWIFT codes, either because they choose not to participate or are prohibited (as noted above) from doing so.
Information Contained
SWIFT vs. IBAN codes indicate two separate pieces of banking information, as mentioned above:
• SWIFT codes, 8 or 11 characters in length, can identify a specific bank or financial institution during international money transfers.
• IBAN codes, up to 34 characters, can identify specific bank accounts during cross-border money transfers.
Usage in Transactions
Which codes you’ll need to make an international transfer will be determined by the code systems used by the countries and financial institutions sending and receiving the money. Sometimes, you’ll only need one of these codes, but often you’ll need a SWIFT and an IBAN code for an international bank wire. (They’re separate identifiers, so it’s not a matter of, say, converting IBAN to SWIFT. Each conveys important financial information.)
That said, here are some scenarios you might encounter:
• If you’re sending money to someone in a country that doesn’t use IBAN, you’ll have to use another way to identify the bank and their checking account.
• If someone in a foreign country wants to transfer funds to you, they won’t have an IBAN code associated with your account and will need to use your bank account and routing number and your bank’s SWIFT code, if available.
• If you’re trying to move money internationally to a country where you can’t use a SWIFT code, you’ll need to use another network to send money electronically. You might explore whether fintech options are available.
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Combining IBAN and SWIFT
As mentioned, for many international transfers, you’ll need to know both the IBAN and SWIFT code involved. It really depends on which country you’re wiring money to. In some instances, you may only need one of the numbers. However, in this case, you may need to satisfy other requirements a country has established for transferring funds, as they might use other identifiers.
The Takeaway
SWIFT vs. IBAN codes are used to standardize international transfers and help ensure secure payments. SWIFT information identifies a particular bank in a country, such as in the U.S. or elsewhere, while IBAN characters point to a specific bank account in countries using the IBAN system. When sending funds from the U.S. to someone in a foreign country, you’ll likely need both of these codes to complete the transfer. U.S. banks typically have SWIFT codes that are used when they receive cross-border funds to be directed to a client’s account.
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FAQ
Can a bank have multiple SWIFT codes?
It’s possible for a bank to have multiple Society for Worldwide Interbank Financial Telecommunication (SWIFT) codes. Bigger banks with multiple branches across the globe may use three extra digits at the end of their code to identify a specific branch.
Is IBAN used in the United States?
The United States doesn’t use International Bank Account Number (IBAN) codes. Instead, the U.S. uses a bank account number and a routing number to identify financial institutions and the specific accounts within them. However, if you live in the U.S. and are wiring money internationally, you may need to know the recipient’s IBAN code, depending on what country they live in.
How do I find my IBAN or SWIFT code?
If you have a bank account in the U.S., you won’t have an International Bank Account Number (IBAN) code affiliated with it. If you have a bank account outside the U.S. in a country that uses IBANs, you can typically find an IBAN code on your bank statement or on the bank’s website. If you’re wiring money to someone who lives in a country using the IBAN system, you can ask for their IBAN code when discussing the details of the wire transfer.
You should also be able to find a bank’s Society for Worldwide Interbank Financial Telecommunication (SWIFT) code on its website or on a bank statement (if you’re a client). If you’re unable to locate it, you might do a quick online search or call the bank’s customer service number.
What happens if I use the wrong code for a transfer?
If you use the wrong code for a wire transfer and it can’t be completed, the money may be returned to your account, and in some cases, you may be charged a fee for this. However, there’s the slight possibility that the transfer could be completed and the money sent to the wrong account. That’s why, if you know you used the wrong code, it’s important to contact your financial institution as soon as possible and see if you can request a cancellation or reversal of the transfer.
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