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Checking the IBAN Number of your Beneficiary When it comes to international payments, SWIFT and BIC are used interchangeably.įor more information on BIC and SWIFT codes, read this article.

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As a result, the SWIFT/BIC code is always required to process a transaction and the International Bank Account Number information is provided to locate the beneficiary bank account in countries participating to the International Bank Account Number system.SWIFT/BIC codes contain a mix of numbers and letters, and they are always 8 or 11 characters.They are directly issued by the banks according to a format described in the IBAN Register. Unlike BIC/SWIFT code, IBAN codes aren’t assigned by a central organization.Both information actually complements each other when a cross-border payment is made to a country participating in the International Bank Account Number system: proper routing of the transaction will be subject to providing the correct SWIFT/BIC code and IBAN in the payment details. Each SWIFT/BIC code identifies a bank or a financial institution in an international transaction. Each IBAN pinpoints an individual account in a given bank in a given country. The most significant difference lies in what they identify.Today, SWIFT is the largest international payment system worldwide. The SWIFT system was created before any initial attempts to homogenize international banking transfers through IBAN.However, there are some key differences between those international transfer systems: SWIFT/BIC and IBAN are both internationally acknowledged banking standards used for cross-border payments. Let’s have a look at what an International Bank Account Number looks like at: The BBAN format is decided by each country to cater to its national standard for domestic payments. Up to 30 characters for the Basic Bank Account Number (known as BBAN).

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The International Bank Account Number is not the same as the bank account number.Īctually, it includes the bank account number, plus some more characters that identify the country and bank you’re sending money to.

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It is a series of up to 34 characters, including both letters and numbers. However, all these countries recognize the system and process IBAN payments. Many major countries do not use the IBAN system, including the USA, Canada, Australia, China, Japan.

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Originally, the system was developed to facilitate the processing of cross-border money transfers within the EU.Īs it gradually gets adopted by banks beyond the EU, it was made an international standard under ISO 13616:1997.Ĭurrently, the scheme has been employed by most European countries and several other countries around the world, namely in the Middle East and the Caribbean.Ī full list of these countries is provided at the end of this article.Īnother 25 countries are currently conducting partial/experimental use of the IBAN system. To give a little background on where the International Bank Account Number originates, it was initially implemented by the European Committee for Banking Standards (ECB) to overcome these international payment difficulties. What is an IBAN?Īn International Bank Account Number, better known as an IBAN Number, is an international numbering system used to recognize bank accounts in relation to cross-border payments.īefore it was created different standards for bank account identification across countries were confusing and the source of many errors for transactions.įor countries that have applied IBAN, transaction errors have been reduced to under 0.1% of the total number of transfers. There's more to IBAN numbers than just this alone, so here's how it works. Pinpointing the correct IBAN can save you both time and money in the long run. Your bank will also charge you a fee to retrieve it. If you have any doubt and instruct an international payment with the wrong IBAN, this payment will be rejected by the beneficiary bank. Knowing your beneficiary’s IBAN is what you need to make sure your transnational payment arrives safely at its destination. An IBAN number is a unique code used to identify a specific bank account for the purpose of cross-border payments.