SWIFT codes, IBAN numbers and routing codes simplified

An easy-to-understand breakdown of the different banking codes needed for making international payments.

How do you find a SWIFT code from an IBAN (and when do you need it)?

If you’re sending international payments, you’re no doubt familiar with the various banking codes required to ensure your payment reaches the recipient. You may well have also had occasions where you’ve entered the wrong digit and a payment never reached the beneficiary it was meant to reach.

For example, if you need a SWIFT code from an IBAN, many banks or payment platforms can look it up automatically, but sometimes you’ll need to confirm the SWIFT/BIC with the recipient or their bank.

In this guide, we break down the most common banking codes so you can understand what they mean, when you need them, and how to avoid mistakes.

The most common banking codes used in international payments

In most global payment scenarios, businesses are asked to provide a combination of banking identifiers depending on the destination country, payment type, and currency.

The three codes you’re most likely to need

• SWIFT/BIC (the bank identifier for cross-border wire messaging)

• IBAN (the account identifier used in many countries, especially across Europe and other IBAN-participating regions)

• Routing number (ABA/RTN) (the U.S. domestic bank identifier used for ACH and often for wires)

Which one you need depends on the destination country, payment type (wire vs. local transfer), and currency.

Beyond bank codes, account setup can also affect how smoothly international payments are processed. Businesses that need to send and receive payments in different currencies may reduce unnecessary conversions and use the most appropriate local or international payment details or international payment details.

What is a SWIFT code (also known as BIC)?

A SWIFT code (Society for Worldwide Interbank Financial Telecommunication), often called a BIC (Bank Identifier Code), is used to identify a bank (or financial institution) internationally. A BIC is 8 characters, and it can optionally include a 3-character branch code (making it 11 characters total).

What a SWIFT/BIC looks like

A SWIFT/BIC code is typically structured like this:

• Bank/business party prefix (4 letters/numbers)

• Country code (2 letters, based on ISO country codes)

• Location code (2 letters/numbers)

• Branch code (optional, 3 letters/numbers)

Example: Barclays Bank SWIFT/BIC

BUKBGB22 0KP

• BUKB = bank code

• GB = country

• 22 = location

• 0KP = branch (optional)

That example matches the standard format, even though some elements are letters/numbers depending on the institution.

Other codes often confused with SWIFT/BIC

SWIFT/BIC may sometimes be mentioned alongside CHIPS, NCC, BSC, or IFSC, but these are not equivalent identifiers.

• CHIPS (Clearing House Interbank Payments System) is a U.S. clearing system for large-value USD payments. It’s a payment network, not a bank identifier.

• IFSC (Indian Financial System Code) is a domestic bank identifier used in India.

• NCC (National Clearing Code) refers to a country-specific bank or branch clearing code used within local payment systems.

• BSC (Bank/Branch Sort Code) refers to domestic bank or branch codes (such as UK sort codes) used for local clearing.

• Bacs (Bankers’ Automated Clearing Services) is a UK batch clearing system used for Direct Debit and Direct Credit payments. It supports low-cost domestic transfers and typically settles on a three-business-day cycle.

• CHAPS (Clearing House Automated Payment System) is the UK’s high-value real-time gross settlement (RTGS) payment system for GBP transfers, providing same-day settlement and immediate finality.

These codes support domestic clearing or specific payment networks, whereas SWIFT/BIC is a distinct international bank identifier standard.

Local and real-time payment schemes

Local and real-time payment schemes enable fast, low-cost domestic or regional bank transfers without using international wire networks like SWIFT. These payments typically settle within seconds or hours and are commonly used for everyday transactions.

SEPA payments

SEPA (Single Euro Payments Area) enables euro transfers across participating European countries. SEPA Credit Transfers and Direct Debits use IBAN as the primary identifier, and under the IBAN-only rule, a BIC is generally not required. SEPA payments are low-cost and typically settle instantly or within one business day.

Faster Payments (FPS)

Faster Payments is the UK’s real-time payment system for domestic GBP transfers. Payments typically settle within seconds and use a sort code and account number. It’s commonly used for everyday transfers between UK bank accounts.

What is an IBAN (International Bank Account Number)?

An IBAN helps identify an individual bank account for cross-border payments. It’s defined under the ISO 13616 standard, with SWIFT acting as the registration authority for IBAN formats.

How long is an IBAN?

An IBAN is up to 34 alphanumeric characters in total.

Standard IBAN structure

• Two-letter country code

• Two check digits (checksum)

• And then a country-specific BBAN (Basic Bank Account Number) portion

Why IBAN and BIC are often used together

When used together, IBAN (account) + BIC (bank) can support more automated processing and fewer manual repairs in cross-border payments.

Example: UK IBAN (structure)

GB22MIDL12345612345678

• GB = country

• 22 = check digits

• MIDL = bank identifier (part of the BBAN structure in the UK format)

• 123456 = sort code (UK domestic)

• 12345678 = account number

What is a routing number (ABA/RTN)?

If you’re sending payments through the U.S. local payment network (ACH, or Automated Clearing House), you’ll need the recipient’s account number and 9-digit ABA routing number (ABA/RTN; American Bankers Association/Routing Transit Number).

When are routing numbers required?

• ACH transfers in the U.S. use routing transit numbers to route payments to the correct RDFI (receiving bank).

• Routing numbers are also commonly used for domestic wires, though some banks use different routing numbers for wires vs. ACH (so you must confirm which one applies). This is a practical reality across many banks’ setups.

Example: What a routing number looks like

123456789

The structure of a routing number is typically described as:

• 1234 (Federal Reserve routing symbol)

• 5678 (ABA institution identifier)

• 9 (Check digit (used for validation))

Where to find a routing number

The American Bankers Association (ABA) notes the routing number appears on the bottom of checks (left-most number), and banks also publish it online.

How to avoid failed or delayed international payments

Before sending an international payment, it’s important to verify all required details.

Your international payment checklist

• You’re using the right payment type Wire vs. ACH vs. local transfer method can change which codes are required.

• The beneficiary name matches the account Mismatches can trigger compliance checks or returns.

• IBAN length and format look valid (where applicable) IBANs have defined country formats and check digits.

• You have the correct bank identifier SWIFT/BIC for cross-border wires; routing (ABA/RTN) for U.S. ACH (and often wires).

• For SEPA euro payments, start with IBAN IBAN-only has been standard since 2016 for SEPA euro transfers/direct debits.

FAQs

Is a SWIFT code the same as a BIC?

Yes, in practice, SWIFT code and BIC are often used interchangeably. A BIC is the official standard, 8 characters, with an optional 3-character branch code (11 characters total).

Do I always need both IBAN and SWIFT/BIC?

Not always. Many international wire payments require both an IBAN (account) and a SWIFT/BIC (bank), but for SEPA euro payments, the IBAN-only rule usually applies.

What if my supplier doesn’t have an IBAN?

Some countries don’t use IBANs. In those cases, you’ll use the supplier’s local account details plus the required bank identifier (often a SWIFT/BIC for international wire payments).

What is the difference between an IBAN and a SWIFT code?

An IBAN identifies the beneficiary account number internationally, while a SWIFT code identifies the bank that holds that account.

Can routing numbers be used for international transfers?

Routing numbers are mainly used for U.S. domestic transactions (ACH and wires) and are not a substitute for SWIFT or IBAN in most cross-border payments.

What happens if I enter an incorrect banking code?

Incorrect codes can cause delayed payments, rejections, or returned funds. Always double-check beneficiary details before submitting.

How can Corpay help simplify international payment details?

Corpay’s platform supports beneficiary banking validation and cross-border payment formatting to help reduce errors and improve straight-through processing.

Corpay Cross-Border

Global payments

Cross-Border