Email Us

SWIFT Code Or IBAN?

SWIFT Code Or IBAN?


Doing international trades may come down to bank transfer, which may need your bank SWIFT Code or IBAN. The two numbers are chosen among different regions across the world. The answer is as below:


IBAN


IBAN refers to International Bank Account Number.


IBAN consists of two digital country codes + two digit inspection codes + country bank code + account number


The IBAN is a bank account number formulated by the European Committee for Banking Standards (ECBS) in accordance with its standards. The bank account numbers of Member States participating in ECBS have a corresponding Iban number.


IBAN number can be a string of 34 characters at most. IBAN number regulations include country code + bank code + region + account number of Account Holder + verification code. When IBAN account is not used in the EURO area, additional manual intervention fee will be charged.


In Europe, the account number of the payee is IABN. IABN contains Bank branch, account number, currency, and all information.


With these, you can remit money to the bank account of SEPA (Single European Payments Area).


Chinese banks and American banks do not have IBAN numbers; IBAN is only applicable to Europe.


SWIFT Code


SWIFT code is a bank identification code proposed by the association and approved by ISO. Its original name is BIC (Bank Identifier Code).


Each bank applying to join the swift organization must formulate its swift address code in advance in accordance with the unified principles of the swift organization, which will take effect after being approved by the swift organization.


Bank Identifier Code (BIC) is composed of eight or eleven English letters or Arabic numerals that can be automatically interpreted by the computer. It is used to clearly distinguish different financial institutions related to financial transactions in swift messages. All member banks of the association have their own specific swift code, namely swift code.


In case of telegraphic transfer, the remitting bank can remit the money to the receiving bank by sending the payment message according to the SWIFT code of the receiving bank. The number is equivalent to the ID number of each bank.


Short comments: In China, we always use SWIFT Code while bank transferring. Please consult to your local bank for further professional explanation in case of any transferring failure.

Popular Drum Barrel Fittings

Related Drum Accessories and Fittings News & Blog

  • How To Prevent Quality Problems Caused By Human Operation Errors in Steel Drum ProductionHow To Prevent Quality Problems Caused By Human Operation Errors in Steel Drum ProductionJuly 1, 2022Generally speaking, appearance defects require 100% visual inspection, and it is indeed easy to cause missed inspections.But it is still possible to find the reasons and formulate improvement measures...view
  • Flex Spout CapFlex Spout CapMay 16, 2023The plastic oil drum cap and the stretch shrink cover of the oil pour port need to be welded together by a plastic welding process. The oil drum lid is made of PP and PE materials.The production proce...view
  • Brand Idea Of China OilBrand Idea Of China OilJuly 1, 2022Offline set the central area and the local area, 19 and the provinces, autonomous regions and municipalities directly under the central enterprises and more than 500 famous brand enterprises to attend...view
  • Innovations and Advancements in Oil Drum Cap TechnologyInnovations and Advancements in Oil Drum Cap TechnologyJanuary 18, 2024In today's rapidly evolving industrial landscape, the need for enhanced efficiency, safety, and sustainability has become paramount. Among the various elements within industrial processes, oil dru...view
  • Iran: China is TrustworthyIran: China is TrustworthyApril 10, 2023In 2015, the lifting of sanctions on Iran became a hot topic worldwide. Companies from all over the world have set their sights on the Iranian market and have begun actively entering it. Iran, a major...view
  • Importers Should Pay Special Attention To Take What Measures?Importers Should Pay Special Attention To Take What Measures?July 4, 2022First, it is necessary to make clear the type of the product, to determine whether it belongs to the scope of application of the above-mentioned national standards, when coating products are applicabl...view
Tel
86-18768445568
Address
No.58 Qinjian Road, Hengshan Industrial Park, Shouchang Town, Jiande City, Zhejiang Province, China