How does an IBAN differ from a SWIFT code?
Whilst a SWIFT code is used to determine a particular bank, your IBAN identifies the individual bank account you’re using for international bank transfers. IBAN is a standard international numeric system created to identify overseas bank accounts.
An IBAN serves as an International Bank Account Number and is in addition to your sort code and account number. It starts with a two-letter country code in uppercase letters, followed by two numbers. It can be up to 34 characters in length.
The key importance of an IBAN is that it gives extra information that helps in identifying overseas payments, such as wire transfers to European countries.
What do you need an IBAN for?
It is largely used when making or receiving international payments. A financial institution like an FX platform needs to check the accuracy of your IBAN for international transfers and can only make the funds transfer with a correct IBAN.
Do I need IBAN if I have SWIFT?
You might be asked to provide both an IBAN and SWIFT to help a bank identify exactly where the money needs to be sent to. Not all countries support the IBAN system, so if you’re sending money to a country that doesn’t you’ll just need the SWIFT code for the overseas transfer.
The bank or financial institution you’re using for the transfer should be able to tell you which you need. If a company is sending you money, they should contact you to ask for your IBAN, SWIFT code or both.
More information
What is an IBAN? – find out more about IBANs including where to find them, what they look like, and which counties use them.
Next step, transferring money
Now you know how important your IBAN is when transferring funds to a supplier, you're ready to start sending money today.
Our customer service team can walk you through the process of setting up an account, so contact us today.
