What's the difference between an IBAN and a SWIFT code?
An IBAN identifies an account; a SWIFT code (BIC) identifies a bank. A euro payment within SEPA needs only the IBAN. A SWIFT payment usually needs both: the receiving bank's BIC and the account number or IBAN.
The wider picture
The key points from the guide this answer comes from:
- 56 terms that finance teams meet when getting paid from abroad, paying suppliers in other countries or using stablecoins, each in a sentence or two.
- An IBAN identifies an account and a SWIFT code (BIC) identifies a bank. A SWIFT payment usually needs both; a SEPA payment needs only the IBAN.
- OUR, SHA and BEN say who pays the fees on a SWIFT payment: the sender, each side, or the recipient.
- A stablecoin isn't a bank deposit: it's a token from an issuer that says it holds reserves, and it has no deposit insurance.
More questions on this
The full guide
56 terms that come up when a company gets paid from abroad, pays suppliers in other countries or uses stablecoins, each in a sentence or two, with a link to the guide that covers it in detail.
Read Cross-border payments glossary: SWIFT, SEPA, ACH and stablecoin terms explained, with its sources.
General information, not legal, tax or financial advice. Rules and providers' terms change; check the sources in the guide and take advice on your own situation.
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