An International Bank Account Number (IBAN) is required when making or receiving international payments. IBAN doesn’t replace your sort code & account number, it’s an additional number that contains extra information to help overseas banks identify your account for payments. A SWIFT code (or SWIFTBIC) is a code that helps overseas banks identify which bank to send money to. For example, if an overseas bank is sending to a payment to Barclays UK account, it’s SWIFT code: BARCGB22.
Related Definitions in the Project: The Commercial Definitions
