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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 Open Source evangelist, a technologist and researcher. Professionally, he does software development, software architecture, server administration and project management. When he's not writing software, he enjoys building web entities and servers, reading about and working with new technologies, and trying to get his friends to make the move to open source software. He's written, co-written and published many articles in international journals, on various domains/topics including Open Source, Networks, Computer Organization, Mobile Technologies, and Business Intelligence. He made a proposal for an information management system at University level during graduation days.

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