![]() Bitsafe IBANs participate fully in SEPA and Bitsafe has adhered to the Sepa Credit Transfer rules provided by the European Payments Council. Most SEPA transfers are completed on the same day. SEPA is the abbreviation for the Single Euro Payments Area and consists not only of the euro countries, but also of the other European Union countries, other European countries and their dependencies. IBANs are used in local account transfers (from one Bitsafe account to the other), SEPA transfers and wire transfers. ![]() Therefore all Bitsafe IBANs start with NL, then two check digits, then BITS (the first four letters of Bitsafe’s BIC/SWIFT number) and then a 10-digit account number. Bitsafe issues these IBANs from the Netherlands. The IBANs of Bitsafe are easily recognizable. An IBAN starts with the two letter country abbreviation, then two check digits and then the çountry-specific and user-specific string of alphanumeric characters.īitsafe provides unique IBANs to all its customers, both talent and businesses alike. While the IBAN system was published in 1997 by the international organization for standardization it took years before most countries have adopted the format. With IBAN all these different systems are merged into one format. For example, in the United Kingdom there was the sort code and in Germany the Bankleithzahl. ![]() Before the introduction of IBAN various countries had their own national standards for bank identification. A SWIFT code (also known as a SWIFT-BIC, BIC code, SWIFT ID, or ISO 9362 code) is a standard format of Bank Identifier Codes approved by the International Organization for Standardization (ISO).The International Bank Account Number (IBAN) is an internationally agreed system of identifying payment accounts across national borders to reduce the risk of transcription errors. It is a unique identification code for both financial and non-financial institutions. The code is used when transferring money between banks, particularly for international wire transfers. It can also be used to exchange other messages between banks. GB is the country code (United Kingdom).If 'XXX' is used, it refers to the bank's head office.įor example, in the SWIFT code 'BARCGB22XXX': Last 3 characters (letters or numbers) - represent the branch code (optional).Next 2 characters (letters or numbers) - represent the location code.Next 2 characters (letters only) - represent the country code.First 4 characters (letters only) - represent the bank's code.The SWIFT code is 8 or 11 characters long and made up of letters and numbers. It's important to use the correct SWIFT code when performing international money transfers as it ensures the funds reach the correct destination. What is a SWIFT payment?Ī SWIFT payment is an international wire transfer sent via the SWIFT international payment network. SWIFT, which stands for Society for Worldwide Interbank Financial Telecommunication, is a messaging network used by financial institutions worldwide to securely send and receive information, such as money transfer instructions. ![]() In a SWIFT payment, banks use standardized SWIFT codes to send and receive unique money transfer instructions to each other, enabling them to make secure, cross-border transactions. These codes identify each bank involved in the transfer process and ensure the money reaches the right destination. As a global standard for secure financial messaging, SWIFT connects more than 11,000 financial institutions in over 200 countries and territories. The process may vary slightly depending on your bank, but these are the basic steps: It is widely used for international money transfers, including business transactions, personal remittances, and foreign exchange.
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