Is An IBAN Number Exactly The Same As A Swift Code

[Bababooey]

Is IBAN and Swift same same or different?

Anyone know if Kasikorn has an IBAN number?

[Naam]

IBAN (International Bank Account Number) is the exact definition of an individual account and its routing. Thai banks do not use IBANs.

[wooloomooloo]

SWIFT address and IBAN are not the same.

SWIFT codes will remit funds to banks via intermediaries and / or correspondent banks and finally to beneficiary bank and each may have a SWIFT code, but SWIFT addresses are not entirely necessary for each leg of the journey. IBAN is the account number with identifier and routing code. Not necessary in Thai banks, as Naam states.

[personchester]

SWIFT and IBAN have no equal banking procedure, see the outline hereunder.

SWIFT - Society of Worldwide Interbank Financial Telecommunication /... international bank transfer

CHAPS - Clearing House Automated Payment System /... action same day between UK institutions.

BACS - Banker Automated Clearing System / 4 working days between Banks in the UK clearing system.

IBAN - International Bank Account Number.

BIC - Bank Identification Code.

BIN : Bank Identification Number.

Edited June 15, 2013 by personchester

[Pib]

IBAN is primarily a European Union/UK and a Middle East thing. Here's a cut and paste from a SuncorpBank talking about IBAN and SWIFT codes. And below the quote is a Link showing countries using IBAN....Thailand is not on the list.

Q: What is an IBAN?

The International Bank Account Number (IBAN) is a series of letters and numbers that uniquely identifies an account held at an overseas bank. An IBAN is not a new bank account number but a way of representing account numbers in an internationally recognized standard format.

If you have been provided an IBAN for the intended payment recipient always enter it in the recipient account number field. An IBAN is a mandatory requirement when sending payments to certain European and United Kingdom countries.

All IBANs start with a two (2) letter country code and contain between sixteen (16) and thirty-four (34) letters and numbers. The length of an IBAN will differ depending on the country, but its length must be fixed for any given country.

Q: Why are IBAN's mandatory for some transfers?

The European Payments Council stipulated that from January 1 2007, the use of the Recipient's IBAN is mandatory on all payments within the European Union or to a European Economic Area.

The International Money Transfer system will remind you to enter an IBAN if you are sending funds to a recipient that requires one.

Q: How do I obtain an IBAN?

If an IBAN is mandatory for your payment you will need to request it from the payment recipient. IBAN and SWIFT codes are often displayed on recipient's bank statements in European Union countries.

Alternatively, the payment recipient may obtain the IBAN from their bank. Suncorp can not provide an IBAN.

Q: What is a SWIFT code?

A SWIFT code is the unique identification code of a particular bank. These codes are used when transferring money between banks for international transfers. It indicates which bank a payment is to be sent. Bank identifier codes are commonly known as SWIFT (or BIC) codes.

Countries using IBAN: Link