What is a SWIFT Code? SWIFT, BIC & IBAN Explained
If you’ve ever tried to receive an international payment or send money across borders, you’ve probably been asked for a SWIFT code, BIC, or IBAN. These are identification systems that banks and financial services use to route money to the right place. They sound technical, but they’re straightforward once you understand what each one does.
This guide covers all three: what they mean, how they differ, and where to find yours on Grey.
What is a SWIFT Code?
A SWIFT code (also called a BIC, which stands for Bank Identifier Code) is a unique code assigned to every bank and financial institution in the world. It’s used to identify which bank a payment should go to during an international transfer. Think of it as a bank’s international address.
SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication, the network that processes most cross-border bank transfers globally.
SWIFT/BIC Code Format
A SWIFT code is 8 to 11 characters long. Each part identifies something specific:
Characters | Length | What It Identifies | Example |
First 4 letters | 4 | Bank name (abbreviated) | AAAA – e.g., CITI for Citibank |
Next 2 letters | 2 | Country code | US – United States |
Next 2 characters | 2 | Location/city code | NY – New York |
Last 3 characters | 3 (optional) | Branch code | XXX – head office (or omitted) |
So a full SWIFT code like CITIUS33XXX tells you: Citibank (CITI), United States (US), New York (33), head office (XXX).
What is an IBAN?
An IBAN (International Bank Account Number) identifies a specific bank account, not just the bank itself. While a SWIFT code tells the system which bank to send money to, an IBAN tells it exactly which account at that bank should receive the funds.
IBANs are mainly used in Europe, the Middle East, and parts of Africa. They are required for SEPA transfers within the European Union and European Economic Area. The United States, Canada, and the United Kingdom do not use IBANs for domestic transfers; the US uses routing numbers and account numbers, while the UK uses sort codes and account numbers.
IBAN Format
An IBAN is up to 34 characters long and starts with a two-letter country code followed by two check digits and the domestic account number. The length varies by country:
Germany: 22 characters (e.g., DE89 3704 0044 0532 0130 00)
France: 27 characters
Netherlands: 18 characters
Nigeria: Not widely used. Nigerian banks typically use NUBAN (10-digit account numbers) for domestic transfers.
UK: While UK IBANs exist (22 characters), domestic UK transfers use sort code and account number, not IBAN.
SWIFT Code vs IBAN: What’s the Difference?
| SWIFT/BIC Code | IBAN |
Identifies | A bank or financial institution | A specific bank account |
Length | 8–11 characters | Up to 34 characters |
Used for | International wire transfers | SEPA transfers, European payments |
Required in | Worldwide | Mainly Europe, the Middle East, and some African countries |
US/Canada | Yes (used for international wires) | No (use ACH/Fedwire routing number + account number) |
UK | Yes (used for international wires) | Not used for domestic transfers (use sort code + account number) |
Nigeria | Yes (Nigerian banks have SWIFT codes) | Not standard (NUBAN used domestically) |
In many international transfers, you need both: the SWIFT code to identify the bank, and either an IBAN or account number to identify the specific account.
How to Find Your SWIFT Code and IBAN
For a traditional bank account, you can usually find your SWIFT code and IBAN by:
Checking your bank’s website or mobile app under account details
Looking at a bank statement (the IBAN is often printed on statements for European accounts)
Contacting your bank’s customer service
Searching online at swift.com using your bank’s name and country
SWIFT Codes and IBAN on Grey
When you open a Grey account, you get foreign currency accounts (USD, GBP, EUR) with dedicated account details for receiving international payments. Here’s how SWIFT, IBAN, and other bank codes apply to each:
GBP Account (UK)
Comes with an account number, IBAN and sort code
Payments are received via FPS (Faster Payments), Bacs, or CHAPS
IBANs are not widely needed for UK transfers, it depends on the platform. If someone is sending you a GBP payment, they will need your account number and sort code.
EUR Account (EU)
Comes with an IBAN and SWIFT/BIC code
Payments are received via SEPA transfers
If someone is sending you a EUR payment from anywhere in the EU/EEA, they will need your IBAN and SWIFT code.
USD Account (US)
Comes with an ACH or Fedwire routing number and account number
Most payments from US-based platforms and employers are sent via ACH using the routing number and account number.
Some banks or platforms may also require a SWIFT code to identify the receiving bank. Check your Grey account details for the relevant codes needed for your transfer.
This works with platforms like Upwork, Fiverr, PayPal, and most US-based employers.
Note: Grey US bank accounts do not come with a SWIFT code.
To find your account details on Grey: open the Grey app, select the wallet (USD, GBP, or EUR), and tap on your account details. All relevant codes are displayed there. You can also check Grey’s fees and charges to understand the cost of receiving payments.
Quick Reference: What You Need to Share by Currency
| GBP (UK) | EUR (EU) | USD (US) |
Account number | ✓ | ✓ (via IBAN) | ✓ |
Sort code | ✓ | – | – |
IBAN | – | ✓ | – |
SWIFT/BIC | – | ✓ | Sometimes required |
Routing number | – | – | ✓ (ACH or Fedwire) |
Payment methods | FPS, Bacs, CHAPS | SEPA | ACH, Fedwire |
Other Bank Codes You Might Encounter
Beyond SWIFT and IBAN, you may come across other codes when making or receiving international transfers:
ACH routing number: A 9-digit code used in the US for ACH (Automated Clearing House) transfers. Grey’s USD account includes this.
Fedwire routing number: a 9-digit code used for wire transfers within the US. Fedwire transfers are typically faster than ACH but may carry higher fees.
Sort code: A 6-digit code used in the UK to identify banks for domestic transfers. Grey’s GBP account includes this.
BSB code: Used in Australia (6 digits).
IFSC code: Used in India for domestic bank transfers (11 characters).
NUBAN: Nigeria’s 10-digit account numbering system used for domestic bank transfers.
Frequently Asked Questions
What is a SWIFT code?
A SWIFT code (also called a BIC) is an 8 to 11 character code that uniquely identifies a bank or financial institution for international transfers. It includes the bank name, country, location, and branch.
What is the meaning of BIC/SWIFT code?
BIC stands for Bank Identifier Code and SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. They refer to the same thing: a standardized code used to identify banks in cross-border transactions. The two terms are interchangeable.
What is an IBAN number?
An IBAN (International Bank Account Number) is a standardized account number format used mainly in Europe and parts of the Middle East and Africa. It identifies a specific bank account for international payments, especially SEPA transfers within the EU/EEA.
Do I need a SWIFT code to receive money on Grey?
It depends on the currency. For EUR, senders need your IBAN and SWIFT/BIC code. For GBP, senders use your account number and sort code (payments come via FPS, Bacs, or CHAPS, not SWIFT). For USD payments, most use your ACH or Fedwire routing number and account number, though some banks or platforms may also ask for a SWIFT code. Check your Grey account details for the specific codes your sender needs.
What is the difference between a SWIFT code and an IBAN?
A SWIFT code identifies a bank (which institution). An IBAN identifies a bank account (which specific account at that institution). For European transfers, you typically need both. For UK transfers, you use the sort code and account number instead of the IBAN. For US transfers, you use a routing number and account number.
Does Nigeria use IBAN?
Nigeria does not use the IBAN system. Nigerian banks use NUBAN (Nigeria Uniform Bank Account Number), a 10-digit account number for domestic transfers. However, if you have a Grey EUR account, it comes with an IBAN for receiving SEPA payments from Europe.
If you need help finding your account details or have questions about receiving payments, our 24/7 support team is available through the Grey app or our help center.