What is the use of IBAN, SWIFT and Sort code?

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IBAN

  • 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.

SWIFT code

  • 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.

Sort code

  • 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.

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