2. What is an IBAN as opposed to a SWIFT / BIC code? IBAN stands for “International Bank Account Number”. Each bank account has a unique IBAN that’s used for international transactions. It’s different to a bank’s internal account numbering system. People sometimes get IBAN and SWIFT...
These characters are used to identify the bank that is sending the message and the bank that is receiving it. SWIFT codes are also known as Bank Identifier Codes (BIC). Each element of a SWIFT code represents a piece of information: A 4-letter bank code A 2-letter country code A 2...