If you are sending or receiving money across borders, two pieces of jargon come up again and again: the IBAN and the SWIFT code. They sound interchangeable, but they do different jobs. One identifies a specific account; the other identifies a bank. Getting them right is the difference between a payment that arrives and one that bounces back or, worse, goes to the wrong place. This guide explains what each code is, what it looks like, where to find it, when you need it and how it fits in when you send a transfer with Coinepay.
What an IBAN is
IBAN stands for International Bank Account Number. It is an ISO 13616 identifier for one individual bank account, and it is important to understand that it is not a payment network. Its only job is to point unambiguously at a single account.
An IBAN is built from a two-letter country code, two check digits and a country-specific Basic Bank Account Number (BBAN) of up to 30 alphanumeric characters, for a maximum of 34 characters overall. The check digits are calculated with a MOD97-10 formula, which lets software catch many typing mistakes before a payment leaves. Both the length and the internal layout of the BBAN vary by country, so a valid IBAN from one country will have a different length from another.
When an IBAN is printed it is usually shown in groups separated by spaces for readability. The electronic version you type into a payment form omits those spaces. An obviously fictional example in print form might look like this:
GB00 EXMP 1234 5678 9012 34
That example is made up for illustration only. Always use the exact IBAN your recipient gives you rather than copying a sample. As a real-world note, the registered UK (GB) IBAN is 22 characters and folds in a four-letter bank identifier, a six-digit sort code and an eight-digit account number. Formats also change over time: Swift's IBAN registry updated the Brazilian layout to a 29-character BR IBAN in 2026, which is a reminder to rely on the current national entry, not an old example.
What a SWIFT code is
A "SWIFT code" normally means a Business Identifier Code, or BIC — the ISO 9362 identifier for an organisation such as a bank. Crucially, a BIC identifies a business party, not the recipient's individual account. A BIC has eight characters: four for the institution, two for the country and two for a location suffix. An optional three-character branch code extends it to 11 characters.
SWIFT itself is the Society for Worldwide Interbank Financial Telecommunication. Its network carries financial messages between institutions; the institutions, not SWIFT, actually move the money. One subtlety worth knowing: a registered BIC does not, by itself, prove its holder can receive messages on the Swift network, because Swift also registers non-connected BICs.
IBAN vs SWIFT/BIC at a glance
| Code | Identifies | Typical length | Example use |
|---|---|---|---|
| IBAN | One specific account | Up to 34 characters | Euro-area and many other countries' accounts |
| SWIFT / BIC | A bank or branch | 8 or 11 characters | Routing a cross-border payment to the right bank |
| Sort code + account number | A UK domestic account | 6 digits + 8 digits | UK account-to-account payments |
| Routing number + account number | A US domestic account | 9-digit routing + account | US domestic wires and transfers |
When you need each one
For a transfer to an IBAN-using destination, the recipient's IBAN identifies the account. Depending on the payment route and local rules, you may also need the receiving bank's BIC. The safest approach is always to ask the recipient and their bank for the exact details, plus any other fields their bank requires.
Some specific cases help:
- EU SEPA euro payments: EU Regulation 260/2012 makes the IBAN the account identifier, and since 1 February 2016 providers may not require customers to supply a BIC for cross-border transfers covered by that rule. This does not abolish BICs in interbank processing or on other international routes.
- IBAN is not the same as SEPA: Swift's registry lists IBAN countries outside SEPA, including Brazil, so having an IBAN does not automatically mean a SEPA transfer.
- United States: US accounts generally do not have IBANs. For an incoming international wire, Chase, for example, tells customers to provide its BIC/SWIFT code and their account number; a domestic wire instead uses a routing number and account number.
- United Kingdom: domestically the UK typically uses a sort code plus account number, even though a GB IBAN also exists for international use.
Cross-border payments may also pass through intermediary or correspondent banks. Intermediary handling, currency conversion, local checks and banking hours can all affect a payment, which is another reason to confirm every field in advance.
Common mistakes and what happens if a code is wrong
The two main failure modes are different. An invalid country-specific IBAN layout or failed check digits usually triggers a validation failure — the payment is rejected before it goes anywhere. Using the wrong account or institution identifier is more dangerous, because it can misdirect a payment that otherwise looks valid.
Remember too that a format or check-digit pass is not confirmation that the intended person owns the account. Account-name verification, where it is offered, is a separate check. In the euro area, providers covered by the Instant Payments Regulation have had deadlines (from 9 October 2025 for some) to offer free payee verification, which reports a match, close match, no match or other result before you confirm. If a check reports anything other than a match, pause and re-check the details with your recipient.
If details don't match after you've sent, act quickly. The US Consumer Financial Protection Bureau warns that money sent using a wrong account or routing number can be lost and a refund is not assured in every situation. For transfers sent from the US, covered remittances generally carry a conditional 30-minute cancellation right and a 180-day window to report an error, measured from the disclosed availability date — these are consumer rights, not limits on how much you can send. Contact your transfer provider promptly about any correction.
How this works when you send with Coinepay
Coinepay Global Remittance lets individuals and businesses send cross-border transfers with multi-currency support, to every country and region except jurisdictions under comprehensive sanctions. When you set up a transfer in the Coinepay app or dashboard, you enter the payout details for your chosen method — a bank account deposit will ask for the account identifier your route needs (an IBAN and, where relevant, a BIC/SWIFT code, or a local format such as sort code or routing number), while mobile wallet payouts (for example UPI, GCash, Maya, M-Pesa, bKash, JazzCash or GoPay) and cash pickup collect the details those methods require instead.
A few points to keep in mind:
- The exchange rate and fees for your transfer are shown clearly before you confirm, and every transfer has status tracking in the app.
- Transfers are subject to identity verification (KYC), sanctions screening and local regulations. Coinepay may ask for documents such as the purpose or source of funds, and all customers and counterparties are screened against sanctions lists.
- Enter your recipient's details exactly as their bank or wallet provider gave them, and use real, accurate information. Never try to route money to a sanctioned person or jurisdiction.
To get started, create a Coinepay account and complete verification, then download the app for iOS or Android. If you are unsure which codes your route needs, contact Coinepay support before you send. Card issuance and fund services are provided by licensed partner financial institutions, and some services are not available in every jurisdiction.
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FAQ
What is the difference between an IBAN and a SWIFT code?
An IBAN identifies one specific bank account and is up to 34 characters with a country code, check digits and an account part. A SWIFT code (BIC) identifies a bank or branch and is 8 or 11 characters. You may need both for a transfer, depending on the route.
Do I always need a SWIFT/BIC if I have the IBAN?
Not always. For SEPA euro payments covered by EU rules, providers cannot require a BIC. On other international routes a BIC may still be needed. Ask your recipient and their bank for the exact fields required.
Do US accounts have an IBAN?
Generally no. US accounts typically use a routing number and account number domestically, and for incoming international wires the bank's BIC/SWIFT code plus the account number. Confirm the exact details with the receiving bank.
What happens if I enter the wrong IBAN or SWIFT code?
An invalid IBAN layout or failed check digits usually causes the payment to be rejected before sending. A wrong but valid-looking identifier can misdirect the money, and a refund is not guaranteed. Contact your provider promptly to try to correct it.
How do I enter these codes when sending with Coinepay?
In the Coinepay app or dashboard, choose your payout method and enter the details it asks for. Bank deposits may need an IBAN and sometimes a BIC or a local format. The rate and fees appear before you confirm, and transfers are subject to verification and sanctions screening.
Related guides
- Purpose of Remittance Codes in India: What They Are and How to Use Them
- SEPA Transfers: What It Is and How to Use It for Transfers
- Intermediary and Correspondent Banks: A Transfer Guide
- Wire Transfer vs ACH: What’s the Difference for International Transfers?
- CNAPS Code: What It Is and How to Use It for Transfers
- Canadian Transit and Institution Number: What It Is and How to Use It
