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Whether you're sending money to friends and family abroad or making massive business payments, it's easy to get confused when dealing with various foreign bank details. In this guide, we explain how to distinguish between these two banking terms as we consider converting IBAN to BIC code.

Content

  1. IBAN or BIC: what's the difference?
  2. What does an IBAN look like?
  3. What does the BIC code look like?
  4. Do I need both IBAN and BIC?
  5. How can I find a BIC using an IBAN?
  6. Summary

IBAN or BIC: what's the difference?
IBAN is an international bank account number, a type of identification code used by banks and financial institutions in 80 regions of the world. IBAN consists of an international component, country code, check digits and internal bank account number. This information helps identify a person's bank account, while the Bank Identifier Code (BIC) simply identifies the bank where the account is opened. Both are required to ensure that funds are transferred to the correct bank account, and both are written in a standard, internationally recognized format. They help banks process international payments automatically, quickly and securely.

What does an IBAN look like?
Each country using the IBAN will issue codes of the same length, but the total number of characters in the IBAN varies by country. In the UK, an example of an IBAN format is GB14HBUK40127512345678.
The first two characters ( GB ) refer to the ISO country code, followed by two check digits ( 14 ), a four-digit bank code ( HBUK ), a six-digit sorting code ( 401275 ), and an eight-digit account number ( 12345678 ).

What does the BIC code look like?
BIC is an acronym for Business Identifier Code and is used to identify the bank associated with an account. The two terms, also known as the SWIFT (Society for Worldwide Interbank Financial Telecommunications) code, are used interchangeably.
The BIC is usually 8-11 characters long. For example, in the UK, a BIC might look like this: AAA ABBCCDDD
The first four letters represent the bank name ( AAAA ), the next two characters are the country code ( BB ), followed by two characters indicating where the bank's head office ( CC ) is located. and finally the three-digit branch code ( DDD ).
As a component of the SWIFT network that has been in existence for over 40 years, BICs provide a secure way of communication between banks around the world.

Do I need both IBAN and BIC?
BICs existed before IBANs were developed, and countries that recognize the IBAN system are likely to ask for both codes when processing a foreign currency transaction.

  • Every country in the European Union (EU) uses an IBAN, so if you are making a transfer in euros, you will need both the IBAN and the BIC.
  • Other countries in Central and South America, Africa and the Middle East have adopted the IBAN system and can request both IBAN and BIC.
  • The United States and Canada do not use IBAN, but process international money transfers using their own systems.
Any reputable service provider, such as those listed in our top 10 money transfer companies, will provide you with the specific bank details you need to ensure that your global transfer is processed safely and securely.

How can I find a BIC using an IBAN?
The IBAN contains the bank code, but it is not branch-specific information, which means it is not possible to extract the BIC code from the IBAN. This is due to the fact that the bank code depends on each individual account. However, wherever you find your IBAN, you will also find your BIC or SWIFT code listed in the same place.
This information can be found at the following address:

  • Visit to your bank
  • Call to your bank
  • Logging into your online bank account
  • Checking bank statements or personal checks

Summary
There are many different banking abbreviations that arise in the process of transferring money, whether it is a domestic or international transfer. We strive to answer our clients' most pressing questions about global payments and banking terminology. While we encourage our clients to use the high quality services offered by money transfer companies such as WorldRemit, Azimo and OFX, we understand that banks may still be involved in some online money transfers.
We encourage all of our readers to use the MoneyTransfers comparison engine to find out which service provider offers the best deal for their unique cross-border needs. For more information on IBAN and BIC codes, why not read our other helpful guides as shown below.
 
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