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Swift Code vs IBAN

Since there were many queries about the difference between swift / bic and IBAN code. Here I am trying to explain the same. Hope this helps.

• SWIFT code is for identification of a bank or business while IBAN is International Bank Account Number.

• IBAN is used by customers to send money abroad while SWIFT is used by banks to exchange financial and non financial transactions.
At the same time, you need to fill this information yourself, while banks require it.
• IBAN allows for easier and faster money transfers worldwide.

'Coz sharing is caring

By Swatantra Kumar

Swatantra is an engineering leader with a successful record in building, nurturing, managing, and leading a multi-disciplinary, diverse, and distributed team of engineers and managers developing and delivering solutions. Professionally, he oversees solution design-development-delivery, cloud transition, IT strategies, technical and organizational leadership, TOM, IT governance, digital transformation, Innovation, stakeholder management, management consulting, and technology vision & strategy. When he's not working, he enjoys reading about and working with new technologies, and trying to get his friends to make the move to new web trends. He has written, co-written, and published many articles in international journals, on various domains/topics including Open Source, Networks, Low-Code, Mobile Technologies, and Business Intelligence. He made a proposal for an information management system at the University level during his graduation days.

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