×
Download Mobile App
Follow us on

What is an IBAN Number? How is it Different from a SWIFT Code?

March 2025 3 min Read
Share on FacebookShare on Google+Share on LinkedIn

When making international money transfers, two key identifiers are commonly used: IBAN (International Bank Account Number) and SWIFT (Society for Worldwide Interbank Financial Telecommunication) codes. Both play essential roles in facilitating secure transactions, but they serve distinct purposes.

What is an IBAN Number?

An IBAN is a globally recognized standard used to uniquely identify bank accounts for international transactions. It consists of up to 34 alphanumeric characters, with each section serving a specific identification purpose.

Structure of an IBAN Number:

The structure of an IBAN varies by country but follows a standard format:

1. Country Code – A two-letter country identifier (e.g., AT for Austria, GB for the United Kingdom).

2. Check Digits – Two numbers that help validate the IBAN.

3. Bank Identifier Code – A unique bank code assigned to each financial institution.

4. Branch Code – A code for the specific branch of the bank.

5. Account Number – The individual’s unique account number.

Examples of IBANs:

IBAN for Austria – AT483200000012345864

IBAN for United kingdom – GB33BUKB20201555555555

Why is IBAN Important?

1. Ensures accuracy in international payments by reducing errors.

2. Helps validate bank details before transferring funds.

3. Standardizes bank account identification across multiple countries.

4. Reduces transaction failures.

Historical Background of IBAN

Before the IBAN system, cross-border payments were complex and prone to errors due to missing routing information. This often resulted in delayed payments and additional charges.

In 1997, the International Organization for Standardization (ISO) proposed the IBAN system to streamline international transactions. After revisions, the European Committee for Banking Standards (ECBS) approved the standardized format, and in 2007, a revised version was introduced, solidifying IBAN as a global standard.

Difference Between IBAN and SWIFT Code

While both IBAN and SWIFT codes are used in international transactions, they serve different purposes:

Feature IBAN SWIFT Code
Purpose Identifies a specific bank account Identifies a bank or financial institution
Format Up to 34 alphanumeric characters 8 to 11 characters (e.g., BOFAUS3N)
Usage Used to route payments to the correct bank account Used for communication between banks about transactions
Coverage Primarily used in Europe, the Middle East, and some other regions Used worldwide

Do You Need Both IBAN and SWIFT Code?

Yes, for most international transactions, both IBAN and SWIFT codes are required. While IBAN ensures the correct account is credited, SWIFT facilitates secure interbank communication.

FAQs on IBAN Number

Q1) Where Can I Find My IBAN Number?

You can find your IBAN in your bank statement, online banking portal, or mobile banking app. If it is not readily available, contact your bank.

Q2) Why Do I Need an IBAN Number?

IBAN ensures accurate international payments and is mandatory in many countries to prevent errors and delays.

Q3) What does an IBAN number look like?

An IBAN consists of a two-letter country code, check digits, a bank identifier, and an account number. The exact format varies by country. There are not more than 34 characters in IBAN.

Q4) Is IBAN the same as the account number?

No, an IBAN includes the account number but also contains additional details like the bank and country codes for international identification.

Q5) Which countries use IBAN?

IBAN is mandatory in many countries, including Andorra, Austria, Bahrain, Belgium, Bosnia, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Faroe Islands, Finland, France, Georgia, Germany, Gibraltar, GreatBritain, Greece, Greenland, Guernsey, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Jordan, Kazakhstan, Kuwait, Latvia, Lebanon, Liechtenstein, Lithuania, Luxembourg, Macedonia, Malta, Moldova, Monaco, Montenegro, Netherlands, Norway, Palestine, Poland & Portugal.

Q6) Is IBAN enough to transfer money?

No, when you make an internal transfer, you will have to take into account the various details of the beneficiary and his bank details. You also need Swift code, which intimates the bank about the internal remittances.

Q7) How do I transfer money to an IBAN number?

The transfer process is rather simple. Obtain the recipient’s IBAN and SWIFT code. Log in to an online money transfer platform or visit your bank. Enter the beneficiary details (name, bank details, IBAN, and SWIFT code). Select the currency and amount. Confirm and process the payment.

Q8) Can I send money without IBAN?

Not all banks and countries in the world use the IBAN for the transfer of money. If IBAN is not used in the recipient’s country, you can use alternative methods like SWIFT Code, BIC, or national routing codes for international payments.

About the Author

Bhawna Nijhawan

Bhawna Nijhawan is the Content Manager at BookMyForex and the go-to person for creating engaging, informative content that resonates with the platform’s diverse audience. With over 8 years of experience in content writing and more than 4 years in the forex industry, she knows exactly how to simplify complex forex topics into something everyone can relate to.

Request a Call Back
Request a Call Back
Rated 4.5
by 7674 Reviews
Rated 4.3
by 3252 Reviews
Rated 4.6
by 1135 Reviews
Testimonials
Christy Francis
Share on FacebookShare on Google+Share on LinkedIn

A huge thanks to BookMyForex, and their Customer Support team for their exceptional customer service, and for seamless processes they have in place for our Forex needs.

Rohit Advani
Share on FacebookShare on Google+Share on LinkedIn

It has been close to a decade since BookMyForex is assisting me in all my Forex needs. What an incredible journey it has been with BookMyForex. My trust & confidence in BookMyForex is such that in the past so many years, no other financial entity other than BookMyForex has dealt with all my Forex requests. Once I have raised a request, I rest assured that’s it’s in the right hands and gets done always with extraordinary service.

Shubham Garg
Share on FacebookShare on Google+Share on LinkedIn

When it comes to hassle free inter-country currency exchange and transfer there are many companies and banks which talk about competitive rate and fast service, but Bookmyforex is the one which actually fulfills both these criteria. I am a happy customer of Bookmyforex, who joined in June 2016 and had never faced any difficulty in getting money transferred. I would recommend Bookmyforex to every student, professional, and tourist who want a stress-free service in this competitive world.

Shivani Tyagi
Share on FacebookShare on Google+Share on LinkedIn

I used BookMyForex for my first visit to Singapore & Bali. BookMyForex representative made it easy and user friendly for me. Their staff is really helpful throughout the process and the rates applied are also lesser compared to other forex providers. I would highly recommend BookMyForex to everyone travelling abroad.

Badarinath K S
Share on FacebookShare on Google+Share on LinkedIn

I am a graduate student at the Carlson School of Management with my roots in Banglore. Bookmyforex by far has the best conversion rates with the least hassles and extremely supportive staff. I recommend every prospective student or traveler going aboard to use Bookmyforex and experience their amazing service.

Ridhima Suri
Share on FacebookShare on Google+Share on LinkedIn

I am using BookMyForex services from past 4 years & I always had hassle free dealings. I highly recommend BookMyForex for your maiden visit & you will surely use them in future.

Akhil Gahlawat
Share on FacebookShare on Google+Share on LinkedIn

Superb rates, great service, priority support, and hassle free card reloads – is all that you can expect from BookMyForex, apart from their complimentary referral discounts & zero fee multi-currency cards. Be it a casual trip to Thailand or business travel to the U.S, BookMyForex is a one-stop shop for all your forex needs. Highly satisfied!

Harman Gill
Share on FacebookShare on Google+Share on LinkedIn

I had a great experience with BookMyForex during my travel to Sweden. These guys have an excellent Service, best market rates and a high level of professionalism. Many thanks for all your dedicated & amicable support. Highly recommended for trouble-free experiance.

Why Trust Us

6,50,000+

Satisfied Customers

1.5 Billion+ USD

Forex Trxn Processed

500+ Crores

Amount Saved

Share on FacebookShare on Google+Share on LinkedIn