Is a SWIFT code the same as an IBAN? The answer to this question is no. SWIFT code is not the same as an IBAN. In general, the two are often used to identify different things, and both play an essential role in the international financial market.
SWIFT code or a Business Identifier Code (BIC) is usually used to disclose the identity of a particular bank during international money transfer. On the other hand, an IBAN, which stands for International Bank Account Number, is used to disclose the identity of an individual account during a particular transaction.
An IBAN is an agreed system of identifying individual bank accounts across different nations in the event of money transfer. An IBAN is generally a code which discloses the identity of the country an account belongs to and the specific account number. The IBAN makes it easy and fast to process payments across borders.
An IBAN is made up of a maximum of thirty-four characters and includes both letters and numbers. There is a two-letter code that represents a country, two numbers that act as a control key to identify errors, and lastly, a maximum of thirty alphanumeric characters that disclose the identity of the bank and an individual account number.
Banks are responsible for assigning an IBAN to each account, and you cannot generate your own. You can find your IBAN in a bank’s online system or on your account statements.