How Does a SWIFT Code Differ from IBANs and Sort Codes?

While SWIFT codes, IBANs, and sort codes are used in banking, they serve different purposes:

1. SWIFT Code:
   • Identifies a specific bank or branch globally.
   • Used for international money transfers.
   • Example: BOFAUS3N (Bank of America, U.S.).
2. IBAN (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).
3. 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.