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With the volume of transactions running into the thousands daily, how does a bank keep track of it all? One way is by using a system of unique codes assigned to each bank it does business with. These codes help financial institutions process worldwide transactions with fewer errors and less confusion, which are good things when it comes to your hard-earned cash.
These IDs have different names in different countries, but two systems you’ll hear about quite often are IBAN and SWIFT codes. These codes are internauationally recognised by other financial institutions to identify your specific bank among worldwide payments and other transactions.
SWIFT is short for the Society for Worldwide Interbank Financial Telecommunication. Despite its oversized name, it too is simply a worldwide bank ID.
Unlike IBAN, which identifies specific bank accounts, SWIFT refers to a specific bank only, including banks in Singapore. Some 40,000 banks and offices worldwide are part of the SWIFT network. You’ll also hear the term “BIC” thrown around. BIC, standing for Bank Identifier Code, is just another name for SWIFT code.
A SWIFT code is an alphanumeric code containing information that identifies a bank and branch. It can be 8 or 11 characters long, depending on which bank office it refers to.
An example of a SWIFT code is this one for DBS/POSB Bank branch in Singapore: DBSSSGSG.
We can break down this SWIFT code to discover:
If you live in a country that’s part of the SWIFT network, you can find your SWIFT code by either looking on your bank statement, signing in to your online banking system or calling your bank.
If you’re sending money internationally and need a SWIFT code, ask your recipient for the SWIFT code of the bank to which their account belongs.
Short for International Bank Account Number, an IBAN is a unique number assigned to specific bank accounts involved in international business. Though not exclusive to Europe, IBAN is used in most European countries. Singapore only uses SWIFT codes instead of IBANs.
An IBAN is an alphanumeric code containing information that identifies a bank, country and account number. With lengths fixed by country, IBANs can be up to 34 characters.
An example of an IBAN at the UK’s National Westminster Bank is GB 29 NWBK 601613 31926819.
Breaking down this UK IBAN, we find:
If you live in a country that uses IBAN, you can find your IBAN on your bank statement or by signing in to your online banking system.
If you’re sending money internationally and need an IBAN, ask your recipient for the IBAN of their deposit account. Some countries you’re sending money to may require you to provide one. In this case, you can combine your BSB and account number without any spaces.
The mysterious IBAN and SWIFT codes are anything but: They identify specific banks among the many financial transactions conducted worldwide among bank accounts. And they’re especially important when it comes to international money transfers.
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