IBAN and BIC. An IBAN, or International Bank Account Number, is a standard, internationally recognised bank account format used to process select cross border payments. Used with a Bank Identifier Code (BIC), international payments can be processed automatically, making them faster and safer.
You'll find both your IBAN and BIC on your paper bank statement. Your IBAN will look like this: GB15HBUK40127612345678 please note the bank code and sort code will vary according to your account. The below is provided as an example. The IBAN will vary based on your account.
IBANs are not used in Australia. However, payers in certain countries may require you to provide one. In that case, your BSB and account number should be combined. Do not include any spaces or hyphens.
It's also known as a Bank Identifier Code (BIC). CommBank uses SWIFT codes to send money to overseas banks. A SWIFT code consists of 8 or 11 characters. CommBank's SWIFT code is CTBAAU2S. You'll need to give this code to anyone sending money to you from overseas.
IBAN is an account format used by European banks. Australian banks do not use this format and an IBAN is not required to send money to a Commonwealth bank account in Australia. Other parties with an IBAN field on their overseas payment form can simply leave this field blank.
BSB codes are not the same as IBANs (International Bank Account Numbers).
Is BSB the same as IBAN? No, an International Bank Account Number (IBAN) is used to identify a specific bank account - although they aren't used in Australia. A BSB code identifies a specific branch of the bank.
Both BSB numbers and SWIFT/BIC codes achieve the same goal: to identify where you are sending money to, but they are not the same. The biggest difference between the two is that BSB numbers are used for domestic purposes, whereas SWIFT/BIC codes are an international network.
An IBAN, or International Bank Account Number, is a standard, internationally recognised bank account format used to process select cross border payments. Used with a Bank Identifier Code (BIC), international payments can be processed automatically, making them faster and safer.
Each financial institution has its SWIFT code, sometimes also called a BIC (Business Identifier Code). So while the IBAN identifies an individual bank account, the SWIFT identifies the bank in which the sender and/or receiver's account is held.
They can find the IBAN number on the bank statement or by accessing the bank's online system. If they prefer, they can also access the IBAN website, select the country, and add bank details to calculate the code.
An International Bank Account Number – or IBAN – is used worldwide to identify individual accounts. IBANs make it easier to process international payments. You can find your IBAN in the Internet Bank and on your account statement.
A BIC (Bank Identifier Code) is the SWIFT Address assigned to a bank in order to send automated payments quickly and accurately to the banks concerned.
It's perfectly safe to give out your IBAN number, as IBAN numbers are designed to route transactions to between individual bank accounts. It's also safe to ask to ask another person or company for their IBAN number.
For example, Wells Fargo has the following code for its El Paso, Texas, branch: WFBIUS6SELP. The last three letters, ELP, indicate that the BIC code references El Paso, Texas. Usually the letters XXX are used to indicate the head branch.
Australia does not use IBANs to receive payments and instead use BSB and account numbers.
In this sense, they're very similar to SWIFT codes. However, BSB numbers are intended for local transactions, rather than international transfers. So, if you're transferring money to an Australian account from outside the country, you don't need to use a BSB code, as the SWIFT code contains the same information.
If you are transferring money to an overseas bank account, you won't need a BSB number as BSBs are unique to Australia's banking system. Other countries have their own systems for identifying the bank and branch of accounts.
A BSB (Bank-State-Branch) is a six-digit number that identifies banks and branches across Australia. Use our locator tool to find the BSB of a specific branch.
The format of a Bank State Branch code is XXY–ZZZ. The first two digits (XX) indicate the bank or financial institution where the money is being transferred. The third digit (Y) refers to the state in Australia where the branch is located. And the last three digits (ZZZ) provide the unique address of the branch.
Using an IBAN to send money to a bank that participates in such transfers is a convenient way to perform a funds transfer. But remember that not all banks have an IBAN, so in some cases, you'll need to use a different method.
CommBank account numbers usually consist of: 6 digits – for the BSB code.
Both SWIFT codes and IBANs are essential components of the process by which individuals are able to transfer money overseas, and they both play an essential role in the smooth running of the international financial market.
IBAN stands for International Bank Account Number. It's your account number written in a standard global format. Your IBAN helps banks to identify accounts held anywhere in the world so they can process international payments automatically. Every bank is also assigned a BIC.