- An International Bank Account Number (IBAN) of your bank account is required while making an international payment.
- IBAN is required when you are making a SEPA transfer.
- It is used to identify your bank account and make direct payments.
- Banks use an IBAN calculator to merge your local account details, which forms your IBAN.
- You can receive money from abroad into your bank account.
- The SWIFT code is used in international banking, which is used when transferring payments through the SWIFT network of banks.
- SWIFT code is used by overseas banks to identify your bank account and make direct payments.
- The sort code is used by the British bank to transfer money globally.
- It is used to identify banks and their respective locations within the country.
- Sort code is located on bank statements, bank-issued cards; and cheque books.