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Sending and receiving international payments requires more than just a bank account number. To ensure secure, accurate, and fast cross-border transactions, banks and financial institutions use IBAN, BIC, and SWIFT codes.
These codes:
✔ Help route payments to the correct bank and account.
✔ Ensure fast and error-free international transactions.
✔ Are required for SEPA and SWIFT transfers worldwide.
In this guide, we’ll break down:
✅ What IBAN, BIC, and SWIFT codes are.
✅ How they work in international payments.
✅ How to use them for SEPA and SWIFT transfers with SikiraPay.
By the end of this guide, you’ll understand how these codes make global transactions safer and more efficient.
1. What is an IBAN and How Does It Work?
🔹 Definition of IBAN (International Bank Account Number)
An IBAN (International Bank Account Number) is a globally standardized banking identifier used to:
✔ Ensure payments are sent to the correct bank account.
✔ Reduce errors in international transactions.
✔ Improve the speed of cross-border transfers.
💡 IBAN is mainly used in SEPA (Single Euro Payments Area) countries, but many banks worldwide accept it for international transactions.
📊 Structure of an IBAN
An IBAN typically consists of:
✅ Country Code (2 letters, e.g., DE for Germany).
✅ Check Digits (2 numbers to verify the IBAN’s accuracy).
✅ Bank Code (Identifies the bank).
✅ Account Number (Specifies the exact account).
💡 Example IBAN for a German bank:
DE89 3704 0044 0532 0130 00
To check the validity of an IBAN, you can use the IBAN Checker.
2. What is a BIC (Bank Identifier Code)?
🔹 Definition of BIC (SWIFT Code)
A BIC (Bank Identifier Code), also known as a SWIFT Code, is an 8- to 11-character code that uniquely identifies a bank.
✔ Used for routing international transactions.
✔ Ensures the payment is sent to the correct financial institution.
✔ Required for both SEPA and SWIFT payments.
💡 Where to Find Your BIC Code:
- You can find your SikiraPay BIC code in your account settings.
- The recipient’s BIC is usually available on their bank statement or website.
For official BIC validation, check the SWIFT BIC Directory from SWIFT.com.
3. What is SWIFT and How Does It Work?
🔹 The SWIFT Network Explained
The SWIFT (Society for Worldwide Interbank Financial Telecommunication) network connects over 11,000 financial institutions in 200+ countries, allowing:
✔ Fast and secure international money transfers.
✔ Standardized messaging for banks to process transactions accurately.
✔ Increased security and transparency in cross-border payments.
📌 Difference Between SEPA and SWIFT Payments
| Feature | SEPA Transfers | SWIFT Transfers |
| Speed | Usually 1 business day | Can take 1-5 business days |
| Fees | Lower, often free | Varies depending on banks |
| Currency | Only EUR | Supports multiple currencies |
| Region | EU & EEA only | Global coverage |
💡 SEPA is best for European transactions in EUR, while SWIFT is ideal for international transfers in multiple currencies.
For more details on the SWIFT payment network, visit the Official SWIFT Website from SWIFT.com.
4. How to Use IBAN, BIC, and SWIFT for Payments with SikiraPay
Using SikiraPay, you can easily send and receive international payments via SEPA and SWIFT.
💳 Step 1: Find Your SikiraPay IBAN & BIC
- Log in to your SikiraPay account.
- Navigate to account details to find your IBAN and BIC.
🔄 Step 2: Enter the Recipient’s Details Correctly
- Double-check the recipient’s IBAN and BIC before making a payment.
- Incorrect details may cause delays or rejections.
🌍 Step 3: Choose Between SEPA or SWIFT for Your Transfer
- For EUR transactions within Europe → Choose SEPA.
- For global transactions in other currencies → Choose SWIFT.
✅ Step 4: Confirm the Transaction & Track It in Real-Time
- Review the transaction details and confirm the payment.
- Use SikiraPay’s mobile app to track the status of your transfer.
💡 With SikiraPay, international payments are simple, secure, and efficient.
5. Final Thoughts – Why IBAN, BIC, and SWIFT Are Essential for Global Transactions
IBAN, BIC, and SWIFT codes ensure that international payments are fast, secure, and correctly processed. SikiraPay makes cross-border transactions easier by providing:
✅ Instant access to IBAN and BIC details for fast transactions.
✅ Secure SEPA and SWIFT transfers for global payments.
✅ Transparent fees and real-time tracking for better financial management.
💡 Understanding how IBAN, BIC, and SWIFT work helps you make smarter, faster, and safer international transactions.🚀 Send Secure International Payments with SikiraPay!
