We frequently get this question from our European customers: they want us to provide the IBAN number for our bank account.

Well, we'd like to, but IBAN is used only in Europe, and is not common in neither the USA nor in any other locations outside the EU.

The Wikipedia tells us this about IBAN:

Most banks in Europe (excluding those in the CIS) provide an IBAN identifier for their accounts as well as nationally recognised identifiers. In addition, Israel, Tunisia, Mauritius, Turkey, and Saudi Arabia also provide IBAN format account identifiers.

Banks in the British dependencies (except Gibraltar and the Crown Dependencies) do not use the IBAN format. Some banks outside of Europe may still not recognize it, though as time passes this is expected to diminish. The ECBS expects that adoption may take up to ten years, so it remains necessary to use the current ISO 9362 Bank Identifier Code system (BIC or SWIFT code) in conjunction with the BBAN or IBAN.

Banks in the United States do not provide IBAN format account numbers.

Here in Hong Kong, one of the major global financial metropolis - and one that is still standing that is - we use the SWIFT code for international bank transactions. This is today's de-facto standard for international transactions.

As I understand it, SWIFT is the company which provides the BIC codes [Bank Identifier Codes].

So SWIFT and BIC code are the same?

Hello Katja,

yes, it´s correct: SWIFT and BIC is the same, also known as ISO 9362, SWIFT-BIC code.

Using the SWIFT code only you still need the account number.

IBAN would replace 2 numbers (SWIFT & A/C) with one number.

cheerio

Markus

Thanks Markus,
That's good to know!

Regards,
Katja