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IBAN vs. SWIFT BIC Print

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IBAN vs SWIFT/BIC

IBAN: International Bank Account Number
SWIFT: Society for Worldwide Interbank Financial Telecommunication
BIC: Bank Identifier Number

 

 

IBAN: Used to identify an individual account in cross-border payments.


SWIFT/BIC: Used to identify a specific bank during an international transfer.

 

The main difference between IBAN and SWIFT/BIC lies in what their codes convey. In an international transaction, an IBAN code is used to identify an individual bank account, whereas a SWIFT/BIC code identifies the bank.

Are you trying to make an international money transfer? Then you’ll need to know what IBAN and SWIFT BIC codes are and where to find them.

IBAN vs. SWIFT codes are both internationally recognized for identifying bank accounts when a transfer is being made. The specific identifier required depends on the countries involved, as well as the recipient’s bank.

A SWIFT BIC 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 of a bank account and an ABA routing number in the United States. 

 

 


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