SWIFT vs. IBAN: Which one should you use for international money transfers?

International money transfers are easier than ever with apps that can send your money overseas in a matter of minutes.

But before you can make a transfer, you may need IBAN and SWIFT codes. These help route your money to the correct recipient. International transfers often require one (or both) to ensure smooth transactions.

IBAN and SWIFT are the dominant standards for international money transfers.

In this article, we compare and contrast IBAN and SWIFT codes by answering these questions:

• What is an IBAN?
• What does an IBAN code look like?
• How do you find your IBAN?
• What is a SWIFT code?
• What does a SWIFT code look like?
• How do you find your bank’s SWIFT code?
• Key differences between IBAN and SWIFT codes
• Examples of SWIFT and IBAN codes

What is an IBAN?

The IBAN (or international bank account number) is a standard international numbering system developed to identify overseas bank accounts. IBAN codes help banks pinpoint which accounts to deposit funds into in cross-border financial transactions.

You may need an IBAN to make a bank transfer or send money electronically through providers like Western Union.

What does an IBAN code look like?

IBAN codes can have up to 34 digits that identify specific bank accounts and use the following format:

• Country code: Two letters
• Check digits (for error detection): Two numbers
• Basic bank account numbe (BBAN): Up to 30 alphanumeric characters, depending on the country

An example of a UK IBAN is GB98RBOS16605010796587. Here, “GB” is the country code, “98” are the check digits, RBOS refers to the Royal Bank of Scotland, “166050” is the sort code (also known as routing code), and the last eight digits are the personal account number.

Some countries, such as the US, Canada, Australia, and New Zealand, do not use IBAN numbers. To send money to the US and Canada, you’d need the routing code and the bank account number.

For codes or information other countries require, use our bank account transfer details and timeline as a guide.

How do you find your IBAN?

You can usually find IBANs on bank statements or on the bank’s website or customer portal. You can also use an online IBAN generator to calculate an IBAN code. You’ll need the bank account number and the branch/sort/routing code for that.

What is a SWIFT code?

SWIFT codes, also known as BICs (business identifier codes) or SWIFT/BIC codes, are used to identify branches of banks and financial institutions all over the world.

SWIFT stands for Society for Worldwide Interbank Financial Telecommunications, an electronic messaging network that banks use to send and receive information in financial transactions. Each financial institution has a unique SWIFT code to accurately route payment instructions.

SWIFT’s standard formats help banks facilitate smooth international payments and avoid mix-ups. Their standardization also supports the integrity and reliability of the global financial system.

Transferring funds from or to a United States bank account? You’ll need a SWIFT/BIC code to send money internationally.

What does a SWIFT code look like?

SWIFT codes are typically shorter than IBANs, using eight- to 11-character codes. The code’s format is AAAABBCCDDD, with each character providing details about the bank, country, location, and branch.

• Bank code: Four letters
• Country code: Two letters
• Location of the bank’s head office: Two letters or numbers
• Branch code: Three letters or numbers

Some banks don’t have specific branch codes, so they’ll have an eight-digit SWIFT or add XXX to the end.

An example of a SWIFT code is this one for the Barclays branch at Bank at 1 Churchill Place in London: BARCGB2T.

How do you find your bank’s SWIFT code?

Finding a bank’s SWIFT code is typically as easy as typing “Swift Code” and the bank name into Google.

You’ll need the correct SWIFT code for most international money transfers, so double-check the information before sending money. If you become aware of an error, contact your bank immediately. It may be able to reverse the payment if it hasn’t processed. Alternatively, you may have to wait for the receiving bank to send the money back, which can take some time.

Using a dedicated money transfer app like Western Union’s makes the process quicker and easier. Storing bank details in the app means you won’t need to re-input each time you make a payment, saving you time and frustration. You can also check the approximate cost of your transfer using our online price estimator.

Key differences between IBAN and SWIFT codes

To recap, you might need SWIFT and IBAN codes when sending money internationally. In short, a SWIFT number tells you which bank the money is going to, while an IBAN tells you the specific bank account that will receive it.

Use the table below as your quick guide to the key differences between IBAN and SWIFT codes.

	IBAN	SWIFT code
Stands for	International bank account number (IBAN)	Society for Worldwide Interbank Financial Telecommunication (SWIFT)
Main purpose	IBANs identify individual bank accounts.	SWIFT codes identify specific banks and branches.
Where they are used	Created for use in Europe, IBANs are seeing increased adoption in other regions.	SWIFT codes are used globally across more than 200 countries.
Format	IBANs begin with a two-letter country code and can have up to 34 characters.	SWIFT codes usually contain eight or 11 characters, combining letters and numbers.
Regulatory Body	IBANs are regulated and standardized by national banking authorities and the International Organization for Standardization (ISO).	SWIFT codes are regulated by the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
What each code includes	An IBAN conveys information about the bank and the recipient’s account. This includes the country code, check digits, and basic bank account number (BBAN).	A SWIFT code primarily conveys information about the bank or branch, including its name, location, and, sometimes, a specific department.

Examples of SWIFT and IBAN codes

SWIFT codes typically consist of eight or 11 characters and include information such as the bank’s country code, location code, and branch code.

• Example: The SWIFT code for JPMorgan Chase Bank in New York City is CHASUS33.

IBAN codes can be up to 32 characters long and consist of a country code, two check digits, and a BBAN.

• Example: An IBAN for Barclays’ bank account in the United Kingdom might look like GB13BUKB60161331926811. “GB” identifies the country code and “BUKB” identifies the bank.

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