This article explains IBAN, BSB, and SWIFT codes, detailing their importance and use in facilitating secure and accurate international and domestic bank transfers.
- The International Bank Account Number (IBAN) is an internationally agreed-upon system of identifying bank accounts across national borders to facilitate the communication and processing of cross-border transactions with a reduced risk of transcription errors. An IBAN uniquely identifies a customer's account at a financial institution. You may check your IBAN here.
- The Society for Worldwide Interbank Financial Telecommunication (SWIFT) provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment. Business Identifier Codes (BICs, previously Bank Identifier Codes) are popularly known as “SWIFT codes”. You may find your SWIFT code here.
It is very important to enter all these codes when you request a withdrawal. This ensures that the transaction will be processed and completed as soon as possible.
Bank codes are usually available online, so you can simply Google them. If you are unsure about it, though, we strongly advise you to contact your bank and obtain the correct codes.