Key Takeaways
The main difference is that an IBAN identifies a specific bank account, while a SWIFT code identifies the bank.
They are not interchangeable — most international transfers require one, the other, or both, depending on the destination.
If your account is in Hong Kong, Singapore, the US, or Australia, you don't have an IBAN. Provide your SWIFT code and account number instead.
For transfers within Europe (SEPA), you typically only need the recipient's IBAN — payment providers look up the SWIFT code automatically. Outside SEPA, you need both.
If you've ever been asked for an IBAN when all you have is a SWIFT code — or the other way around — you're not alone.
The confusion is common because both codes show up in the same transfer. But they serve different purposes, apply to different countries, and can't replace each other. If you use the wrong one, your payment can be delayed or rejected.
This guide covers what each code is, when you need one or both, and what to do when someone asks you for an identifier your account doesn't have.
Disclaimer: This article was last updated on 2 March 2026. Payment requirements can vary by bank — always confirm with your provider before initiating a transfer.
What is an IBAN?
An IBAN (International Bank Account Number) is a standardised account number format used to identify a specific bank account for international transfers.
Originally developed by the European Union to simplify payments across European countries, it is used in 89 countries as of the latest update, primarily in Europe and across much of the Middle East. Hong Kong, Singapore, and the US are not among them — those markets use SWIFT codes to identify bank accounts instead.
IBAN Example
An IBAN has up to 34 alphanumeric characters and is built in three parts: a two-letter country code, two check digits that validate the number before a transfer is processed, and the domestic account number (known as the BBAN). The exact length varies by country.
Here is what a French IBAN looks like:
- FR — country code (two letters)
- 12 — check digits, used to validate the IBAN before a transfer is processed
- Everything after — the BBAN (Basic Bank Account Number), the domestic account number in France's national format. Each country defines its own BBAN structure, which is why IBANs vary in length and format.
Helpful resource: Find out more about how IBAN numbers work and why they're important for global banking.
What is a SWIFT Code?
A SWIFT code (officially called a BIC, or Bank Identifier Code) tells the payment network which bank to send a transfer to. Where an IBAN identifies the account, a SWIFT code identifies the institution.
The two terms are interchangeable — SWIFT (the Society for Worldwide Interbank Financial Telecommunication) is the organisation that assigns and manages BICs globally, which is why most people simply call it a SWIFT code.
When you send financial transactions across borders, your bank uses the recipient's SWIFT code to route the payment instruction to the correct institution. The SWIFT system connects over 11,500 financial institutions across more than 220 countries and territories, processing over 53 million messages per day — making it the global standard for cross-border payments.
SWIFT Code Example
A SWIFT code is either 8 or 11 characters, structured as follows:
- AAAA — bank code, identifies the institution
- BB — country code, where the bank is located
- CC — location code, identifies the city or primary office
- DDD — branch code (optional). If absent, the code refers to the bank's head office
Example: Statrys' SWIFT code is STYSHKHH. If you hold a Statrys account, share this code with anyone sending you an international payment.
IBAN vs SWIFT: Key Differences
The two codes do different jobs. An IBAN tells the payment network which account to deposit the funds into. A SWIFT code tells it which bank to route the payment to.
Because they carry different information, they serve different functions and cannot be used in place of each other.
| Feature | IBAN | SWIFT Code |
|---|---|---|
| What it identifies | A specific bank account | A bank or financial institution |
| What it does in a transfer | Tells the network where to deposit the funds | Tells the network which bank to route the payment to |
| Format/length | Up to 34 alphanumeric characters | 8 or 11 alphanumeric characters |
| Where is it used? | 89 countries — primarily Europe and Middle East | Global — 200+ countries |
Example: A Hong Kong founder sending an international wire to a supplier in Germany needs two things: the supplier's IBAN to identify their account, and their bank's SWIFT code to route the payment to the correct German bank. Without both, the payment cannot be routed to the correct account at the correct bank.
How to Find Your IBAN or SWIFT Code
Finding your codes is usually straightforward. Here's where to look:
- Step 1: Check your online banking portal
Log in and navigate to account settings or account details. Most banks display your IBAN number and your bank's SWIFT code here alongside your individual bank account number. - Step 2: Check your bank statement
Your IBAN typically appears near the top of the statement. Your bank's SWIFT code is usually listed in the international payments or bank details section. - Step 3: Check your bank's website
For SWIFT/BIC codes specifically, your bank's official website is the most reliable source. You can also try searching swift.com, though not all institutions are listed in the public directory. - Step 4: Contact your bank directly
If you can't find either code online, call or message your bank. They can confirm both within minutes.
When Do You Need IBAN vs SWIFT?
The right code depends on where you're sending and which payment system is involved. These are the most common situations you'll encounter:
Receiving from a European Client
Your European client may ask for an IBAN when sending you money. If your account is in a country that does not use IBAN, such as Hong Kong, Singapore, the US, or Australia, you don't have one to give them. Ask them to use your SWIFT code and account number instead. European banks can process the transfer without an IBAN from the sending side. If they are unsure, ask them to check with their bank directly.
💬 From our experience:
Sending to Europe and the UK
Most euro payments to European countries go through SEPA (the Single Euro Payments Area) — a payment system covering 36 countries, including France, Germany, Italy, Spain, the Netherlands, and the UK. Within SEPA, your supplier's IBAN is all you need. Payment providers look up the SWIFT code automatically.
For transfers to European countries in a non-euro currency — for example, sending USD or GBP to a European account, or any transfer to the UK — you will need both the recipient's IBAN and their bank's SWIFT code. Ask your supplier for both. They are usually on their bank statement.
Note: UK bank accounts have a sort code, but you don't need to provide it separately when sending internationally. It is already incorporated into the recipient's IBAN.
Sending to the US, Australia, or Most of Asia
None of these markets use IBAN. When you transfer money to recipients in these regions, you need their SWIFT code and account number.
For US wire transfers, you will also typically need the ABA routing number — one of the key routing numbers used to identify the receiving bank within US domestic payment rails. This is separate from the SWIFT code.
Sending to the Middle East
Several Gulf Cooperation Council (GCC) countries, including the UAE, Saudi Arabia, Bahrain, Kuwait, Oman, and Qatar, have adopted or are adopting IBAN alongside SWIFT.
Requirements vary by country and by receiving bank. Ask your counterpart to confirm which codes their bank requires before you send.
Wrapping Up
IBAN and SWIFT codes do different jobs — one locates the account, the other locates the bank. The wrong code or account setup can cause delays or rejected bank transfers. For most international transfers, you'll need a SWIFT code and an IBAN, or a bank account number.
If you're running a company registered in Hong Kong, Singapore, or the BVI and making regular cross-border payments, Statrys is built for exactly that.
Here's what you get:
- Multi-currency business accounts in 11 currencies
- SWIFT payments to over 100 countries
- Local payout for cost-effective transfers, avoiding intermediary bank fees typically associated with SWIFT transfers.
- Competitive FX rates based on real-time mid-market rates
- Fully online account opening
FAQs
What is the difference between IBAN and SWIFT?
An IBAN identifies a specific bank account. A SWIFT code identifies the bank. They are governed by different standards, used in different contexts, and cannot replace each other. For most international transfers outside SEPA, you need both the IBAN to identify the account and the SWIFT code to route the payment to the correct institution.
