While SWIFT codes, IBANs, and sort codes are used in banking, they serve different purposes:
SWIFT Code:
- Identifies a specific bank or branch globally.
- Used for international money transfers.
- Example: BOFAUS3N (Bank of America, U.S.).
IBANs (International Bank Account Number):
- Identifies an individual bank account in a specific country.
- Ensures the correct account is credited during international transfers.
- Example: GB29 NWBK 6016 1331 9268 19 (UK).
Sort Code:
- Specific to the UK and Ireland.
- Identifies the bank and branch where an account is held.
- Used for domestic transfers.
- Example: 60-16-13.