IBAN (International Bank Account Number) is the international bank account number you use when making or receiving an international payment.
The IBAN contains the following components:
- Country code - 2 letters. The first two letters represent the country where your bank is located.
- Check digits - 2 digits. The next two digits are the check digits.
- Bank code - 4 characters.
- Bank account number - 16 digits.
The BIC (Bank Identifier Code) is an international standard for identifying banks. It is also known as the SWIFT code (Society for Worldwide Interbank Financial Telecommunication). The BIC/SWIFT code is used for international bank transfers, especially when money needs to be sent from one country to another.
The BIC/SWIFT (Society for Worldwide Interbank Financial Telecommunication) code consists of 8 to 11 characters and includes the following information:
- Bank Code (4 characters): This identifies the bank or financial institution.
- Country Code (2 characters): This represents the country in which the bank is located.
- Locality Code (2 characters): This identifies the specific branch or location of the bank.
- Branch Code (3 characters): This is an optional code that identifies a specific branch or location of the bank.
Together, the BIC/SWIFT code helps ensure that international transactions are accurately routed to the correct bank and branch. It is essential to provide the correct BIC/SWIFT code when sending or receiving payments.