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Every international transfer needs a SWIFT/BIC and often an IBAN. Learn what each code means, how to find yours, and the most common mistakes that delay or return wires.
A SWIFT code (also called a BIC, or Bank Identifier Code) is an 8- or 11-character code that uniquely identifies a specific bank β and sometimes a specific branch β worldwide. The format is: 4 letters for the bank, 2 letters for the country, 2 characters for the city, and an optional 3-character branch code. For example, DEUTDEFF identifies Deutsche Bank's head office in Frankfurt, Germany.
An International Bank Account Number (IBAN) identifies a specific bank account within a specific country. Its length varies by country β 22 characters in the UK, 24 in Saudi Arabia, 27 in France. The IBAN starts with a 2-letter country code, then a 2-digit checksum, then the country-specific account identifier. IBANs are mandatory for transfers within the European Economic Area and increasingly used in the Middle East, North Africa, and beyond.
For transfers within the SEPA zone (EU + a few additional countries), an IBAN is sufficient and a SWIFT code is not required. For transfers from outside SEPA, or to countries that do not use IBAN (US, Canada, Australia, much of Asia), you typically need both a SWIFT/BIC and either an IBAN or a national account number (US ABA routing + account, UK sort code + account, etc.).
Your bank's SWIFT code is published on its website and on your monthly statement. Your IBAN appears on your account statement and on online banking under 'account details' or 'international transfers.' For the recipient's codes, ask them directly β never copy a SWIFT/IBAN from a third-party website, as banks occasionally update or split codes after mergers.
Wrong SWIFT (often confusing similar bank names across countries), transposed digits in the IBAN (the checksum catches some but not all of these), missing intermediary bank details for exotic currencies, and using a personal name that doesn't exactly match the account holder. A returned international wire typically costs USD 15β40 and takes 5β10 business days β always double-check codes character-by-character before submitting.
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