An IBAN identifies a specific bank account. A BIC - also called a SWIFT code - identifies the bank that holds it. Most international transfers need one or both, and which you need depends on where the money is going.
This page explains what each code is, what the characters mean, how they differ, and where to find yours.
What a BIC code is
A BIC - Bank Identifier Code, also called a Business Identifier Code or a SWIFT code - is a standardised code that identifies a specific bank or financial institution internationally. It is either 8 or 11 characters long, and it is set by the ISO 9362 standard. When you send money abroad, the BIC tells the payment network which institution should receive it. It identifies the bank, not your account.
What the characters in a BIC mean
A BIC breaks into four parts. Taking an 11-character example, BARCGB22XXX:
• BARC - the bank code, four letters identifying the institution (here, Barclays)
• GB - the country code, two letters (United Kingdom)
• 22 - the location code, two characters identifying the head office or city
• XXX - the branch code, three characters, optional
The branch code is where the confusion usually starts. An 8-character BIC has no branch code and refers to the bank's primary office. Where a branch code is required but you only have the 8-character version, XXX is used to mean "head office" - so BARCGB22 and BARCGB22XXX refer to the same place. If your bank has given you an 8-character code and a form demands 11, XXX is normally what goes on the end. Check with your bank if the transfer is large.
BIC and SWIFT code - the same thing, two names
A BIC and a SWIFT code are the same code. SWIFT - the Society for Worldwide Interbank Financial Telecommunication - is the organisation that maintains the messaging network banks use for international transfers, and it administers the BIC standard. Because the codes are used to route SWIFT messages, "SWIFT code" became the everyday name for them.
You will also see "SWIFT/BIC", "BIC/SWIFT" and "SWIFT BIC" on transfer forms. They all mean the same eight or eleven characters. If a form asks for one and your bank has given you the other, you already have what you need.
What an IBAN is
An IBAN - International Bank Account Number - identifies one individual bank account. Unlike a BIC, which points at an institution, an IBAN points at a single account within it. It is up to 34 characters long, and the length varies by country: a UK IBAN is 22 characters, a German one is 22, a Maltese one is 31.
An IBAN is built from details you already have. Taking a UK example, GB29 NWBK 6016 1331 9268 19:
• GB - the country code
• 29 - two check digits, which let a system validate the number before sending anything
• NWBK - the bank identifier
• 601613 - the sort code
• 31926819 - the account number
The check digits are the useful part. They are calculated from the rest of the number, so a mistyped IBAN usually fails validation before a payment is ever attempted rather than arriving at the wrong account.
IBAN, BIC and SWIFT - what the difference actually is
The difference in one line: an IBAN identifies an account, a BIC identifies the bank holding it, and SWIFT is the network that carries the message between them.
| IBAN | BIC / SWIFT code | Sort code |
What it identifies | One specific bank account | A bank or financial institution | A UK bank and branch |
Length | Up to 34 characters, varies by country | 8 or 11 characters | 6 digits |
Used for | International transfers, SEPA payments | International transfers, routing | Domestic UK transfers |
Where used | Europe and around 80 countries worldwide | Worldwide | United Kingdom only |
They are not alternatives. On most international transfers you provide both: the IBAN so the money reaches the right account, and the BIC so it reaches the right bank first. Some payment systems can derive the BIC from the IBAN and will not ask for it. That is a feature of the system you are using rather than a sign that one code has replaced the other.
Which one do you need?
Sending within the SEPA area
For euro transfers inside the Single Euro Payments Area, the IBAN is normally all that is required. SEPA rules removed the obligation to supply a BIC for euro payments within the area, and most banks and payment providers now ask only for the IBAN and the recipient's name.
The recipient name matters more than people expect. Many banks check it against the name on the account and reject transfers that do not match - which is why an account registered in your own name behaves differently from one where you are given shared details to use.
Sending outside SEPA
Outside the SEPA area you will usually need both, and often more: the recipient's full name and address, the bank's name and address, and sometimes an intermediary or correspondent bank's details. Countries that do not use IBAN at all - the United States, Canada, Australia and others - use their own systems, such as routing numbers, alongside the SWIFT code.
Does the UK use IBAN or SWIFT?
Both. UK banks issue IBANs and have BIC/SWIFT codes, and the UK remains a full participant in SEPA, so euro transfers between the UK and the SEPA area follow SEPA rules.
Domestically, though, UK transfers do not use either. A payment between two UK accounts in sterling uses the sort code and account number, which is why many people in the UK never encounter their IBAN until they send or receive money from abroad. Your bank will have it - usually in the app, or on a statement.
Where to find your IBAN and BIC
Your IBAN and BIC are on your bank statement, and in almost every banking app under account details. Some banks label the BIC as "SWIFT code" or "SWIFT/BIC" rather than BIC - it is the same code either way.
If you need someone else's details in order to pay them, ask them directly rather than looking the bank up. A BIC found online identifies the institution but not necessarily the correct branch or office, and an IBAN cannot be looked up at all - it is specific to one account and only the account holder has it.
Printed IBANs are usually spaced in groups of four for readability. The spaces are not part of the number and should be removed when entering it electronically.
Common questions
Is an IBAN the same as a SWIFT code?
No. An IBAN identifies one specific bank account. A SWIFT code, also called a BIC, identifies the bank that holds the account. Many international transfers require both.
Do I need an IBAN if I have a SWIFT code?
Usually yes. The SWIFT code gets the payment to the right bank, but the bank still needs the IBAN - or a local account number - to credit the right account. Some transfers outside the IBAN system use an account number instead.
Is a BIC the same as a sort code?
No. A sort code is six digits and identifies a UK bank and branch for domestic payments. A BIC is eight or eleven characters and identifies a bank internationally. A UK IBAN contains the sort code within it.
Do I need both an IBAN and a SWIFT code to transfer money?
For euro transfers within the SEPA area, the IBAN alone is normally enough. For transfers outside SEPA, you will usually need both, and sometimes additional details such as the recipient's address or an intermediary bank.
How do I find my BIC code?
It is in your banking app under account details, and on your bank statement. It may be labelled "SWIFT code" or "SWIFT/BIC". If you cannot find it, your bank can confirm it.
What does XXX mean at the end of a BIC?
XXX is the branch code meaning "head office". An 8-character BIC and the same code with XXX appended refer to the same place. If a form requires 11 characters and your bank has given you 8, XXX is normally what completes it.
A euro account with an IBAN in your own name
Not every euro account gives you an IBAN of your own. Some providers issue shared or pooled details, which means payments arrive under a name that is not yours - and banks that check the beneficiary name against the account will reject them.
Keytom issues a euro IBAN registered in your own name, in the UK, so SEPA transfers and salary payments pass those checks. More on the [EUR IBAN account].