IBAN vs SWIFT code: What's the difference?

Sending money across borders often requires 2 codes you may not be familiar with: an IBAN and a SWIFT code. They each serve a different purpose — and you may need both to make your payment.

Read on to learn what they are and when and how to use them. And, when you're done, check out our guide to sending money internationally for all the information you need to get started.

What is an IBAN?

An International Bank Account Number (IBAN) is a unique identifier used to point to a specific bank account in a cross-border transaction. While many people think of it as a separate account number, it's a standardized way of writing your existing bank details so that banks in other countries can understand them without errors.

The system was originally developed by the International Organization for Standardization (ISO) to facilitate payments within the European Union. Since then, it's been adopted by more than 75 countries globally, including most of Europe, the Middle East, and parts of the Caribbean.

The main purpose of an IBAN is to reduce the risk of payment errors. Because the code contains check digits, a bank can verify if the account number is valid before the money is even sent. This prevents money from being stuck in limbo or returned due to a typo.

What is a SWIFT code?

A SWIFT code, also known as a Bank Identifier Code (BIC), identifies the specific financial institution rather than the individual account. SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. It's the worldwide messaging network that banks use to send and receive information about financial transactions.

When you send an international wire transfer, the SWIFT code acts like a ZIP code for the bank. It tells the network exactly which building the money needs to go to. Once the money arrives at that bank, the receiving institution uses the account number (or IBAN) to figure out which specific customer the money belongs to.

It's important to note that the terms SWIFT code and BIC are often used interchangeably. Whether a form asks for one or the other, you're looking for the same 8–11 character identifier.

IBAN vs SWIFT code: Key differences explained

The simplest way to understand the difference is to think of a SWIFT code as the address of the bank's head office and the IBAN as the specific door number of the customer. Let's break it down:

• Identification: A SWIFT code identifies the bank. An IBAN identifies the specific account within that bank.
• Length: SWIFT codes are always 8 or 11 characters. IBANs vary by country but can be up to 34 characters long.
• Global usage: SWIFT is used around the world and is the main network for almost all international wires. IBAN is used mainly in Europe and the Middle East.
• Function: SWIFT is a messaging system that allows for the communication between banks. IBAN is a numbering standard that identifies the destination account.

Why doesn't the US use IBAN numbers?

If you're a Revolut customer in the US, you might notice that your account doesn't have an IBAN. This is because the US, along with Canada and Australia, doesn't participate in the IBAN system for domestic banking. Instead, US financial institutions rely on a combination of routing numbers and account numbers.

The role of the ABA routing number

In the US, the American Bankers Association (ABA) routing number serves a similar purpose to the SWIFT code, but is used strictly for transfers within the US. When you set up a direct deposit or pay a bill via an ACH transfer, you use this 9-digit routing number to identify your bank.

When sending money from the US to a country that uses IBANs (like France or the UK), you'll need to provide the recipient's IBAN. However, if someone is sending money to you in the US, they'll typically need your SWIFT code and your standard 10–12 digit account number.

Learn more about receiving money in the US.

Anatomy of an IBAN

IBANs follow a very strict structure defined by ISO standards. Although the length varies by country, the sequence of information is always the same. Here's a breakdown of what those characters actually mean:

• Country code (2 letters): The first 2 letters identify the country where the account's held (e.g. GB for Great Britain or FR for France).
• Check digits (2 numbers): These are used to verify the integrity of the entire code. If one number is mistyped, the check digits will fail ‌validation.
• Bank identifier: A series of characters that identify the specific bank.
• Basic Bank Account Number (BBAN): This includes the local branch code and the individual account number.

For example, a UK IBAN might be: GB 29 REVO 123456 78901234. In this instance, "REVO" identifies the bank, while the following digits represent the branch and account details.

Anatomy of a SWIFT or BIC code

SWIFT codes are shorter and more uniform than IBANs. They're made up of 8 or 11 characters:

• Bank code (4 letters): Usually a shortened version of the bank's name.
• Country code (2 letters): Identifies where the bank's head office is located.
• Location code (2 characters): Identifies the city or region.
• Branch code (3 characters): This is optional. If it's "XXX", it refers to the head office.

When do you need an IBAN vs SWIFT code?

You'll almost always need a SWIFT code for any international wire transfer, regardless of the destination. Whether you're sending money to Japan, Mexico, or Germany, the SWIFT network is the bridge that carries the payment instructions.

You'll need an IBAN specifically when the destination country uses that system. If you're sending money to a friend in Europe, the bank will require the IBAN to ensure the money reaches the correct person. If you only provide the SWIFT code and a standard account number, the bank might reject the transfer or charge a higher manual processing fee.

International wire transfer fees and processing times

Using the correct codes isn't just about accuracy — it can also impact the cost and speed of your transfer. International wires typically take between 1–5 business days to arrive. This depends on the time zones, the number of intermediary banks involved, and the cut-off times of the sending institution.

Understanding intermediary bank fees

One of the most confusing aspects of international banking is why the recipient sometimes receives less money than you sent. This often happens because of correspondent or intermediary banks. If your US bank doesn't have a direct relationship with a small bank in rural Italy where you're sending money, the money must pass through a larger hub first.

These intermediary banks often deduct a fee for their services. By providing a clear and accurate IBAN and SWIFT code, you help the system find the most direct route possible, which can sometimes reduce these unexpected costs.

At Revolut, we aim to provide clarity on these charges upfront. When you initiate a transfer in our app, we show you the estimated arrival time and any fees we charge, so you're never left guessing.

Learn more about our international transfer fees.

How to find your IBAN or SWIFT code

If you're expecting an international payment, you'll need to give the sender your bank's SWIFT code and your account number. Here's where to find it:

• Bank statements: Most banks print the SWIFT/BIC code on the top or bottom of your monthly statement.
• Online banking: Log in to your account and look for "Account details" or "Transfer information".
• Revolut app: Simply tap on your profile or the specific currency account you wish to receive money in, then select Details. Your information, including the SWIFT code for international wires, will be displayed clearly.

Moving money without the complexity

We've built a platform that removes the friction of traditional wire transfers. Instead of worrying about whether you have the right 34-character code, we guide you through the process, validating the details as you type.

For many transfers, we're even able to bypass the SWIFT network entirely by using local payment networks, which means your money arrives faster and often with lower fees.

How to sign up and send money with Revolut

Ready to start sending money with more clarity? Follow these steps to get started with us:

1. Download the app: Find Revolut on Google Play or the App Store and download it to your phone.
2. Sign up for Revolut: Follow the prompts to create your account. You'll need to provide your phone number, address, and SSN for identity verification.
3. Add money: Once your identity is verified, you can add money to your account via a debit card, bank transfer, Apple Pay, or Google Pay.
4. Initiate a transfer: Go to the Payments tab in-app. Tap the + symbol in the top-right corner and select International.
5. Enter recipient details: Enter the name of the person you're paying. If they're in a country that uses IBANs, we'll ask you for theirs. If they're in the US, you'll need their routing and account numbers.
6. Review and send: We'll show you the live exchange rate and any applicable fees. Once you're happy, tap Send and you can track your money in real-time until it reaches its destination.

Exchange and global transfer fees, fair usage limits, and Terms and Conditions apply.