IBAN (International Bank Account Number) is used for making or receiving international bank payments. It includes:
- Country code: 2 letters (bank’s country)
- Check digits: 2 numbers
- Bank code: 4 characters
- Account number: 16 digits
BIC (Bank Identifier Code), also called SWIFT code, identifies banks for international transfers. It has 8 to 11 characters:
- Bank code: 4 characters
- Country code: 2 characters
- Locality code: 2 characters
- Branch code: 3 characters (optional)
The BIC/ SWIFT ensures money is sent to the right bank and branch, so using the correct code is important.