Understanding Bank Codes: SWIFT, IBAN, and More

What are bank codes?

Bank codes are identifiers used to identify banks and sometimes branches when processing payments. They help payment networks route funds to the correct institution and account.

Common types of bank codes

SWIFT codes (BIC)

A SWIFT code, also known as a BIC, is an 8- or 11-character code used for international transfers. It usually contains bank code, country code, location, and an optional branch code.

IBAN

The International Bank Account Number (IBAN) identifies an account for international payments. It combines country code, check digits, bank identifier, and the account number. The length and components vary by country.

Routing numbers (US)

In the United States, routing numbers identify the bank for domestic transfers. The routing number appears on checks and in online banking. Account numbers are separate.

Sort codes (UK and Ireland)

In the UK and Ireland, a sort code identifies the bank and branch for domestic payments. It is typically a 6-digit number formatted as 12-34-56.

Other domestic codes

Many countries have their own bank codes, such as BBAN, bank identifiers, or branch codes. The exact format varies by country.

How to use bank codes in transfers

• For international transfers, you’ll usually need a SWIFT/BIC and the account IBAN if the recipient is in a country that uses IBAN.

• For domestic transfers, use the local bank code (routing number, sort code, branch code) and the recipient’s account number.

• Always double-check codes with the recipient to avoid misdirected funds.

Where to find your bank codes

• Online banking or bank app: look for account details, profile, or payee information.

• Your bank statement or checks: routing numbers and IBAN/SWIFT may appear.

• Bank website or customer service: official codes from the bank.

• For recipients abroad: ask for the exact codes required by their country’s payment system.

Common questions about bank codes

• Do I need an IBAN for international transfers? In many regions, yes; some countries use IBAN while others do not.

• Are SWIFT codes the same as BICs? They refer to the same concept; SWIFT is the network, BIC is the code.

• Can I reuse the same bank code for different transfers? Bank codes identify the bank or branch, but you must also provide the recipient's account number.

• Where can I verify a bank code? Use official bank sources or trusted payment networks.