We are independent & ad-supported. We may earn a commission for purchases made through our links.

Advertiser Disclosure

Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.

How We Make Money

We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently from our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.

What is a Wire Transfer Code?

By D. Poupon
Updated May 16, 2024
Our promise to you
SmartCapitalMind is dedicated to creating trustworthy, high-quality content that always prioritizes transparency, integrity, and inclusivity above all else. Our ensure that our content creation and review process includes rigorous fact-checking, evidence-based, and continual updates to ensure accuracy and reliability.

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

Editorial Standards

At SmartCapitalMind, we are committed to creating content that you can trust. Our editorial process is designed to ensure that every piece of content we publish is accurate, reliable, and informative.

Our team of experienced writers and editors follows a strict set of guidelines to ensure the highest quality content. We conduct thorough research, fact-check all information, and rely on credible sources to back up our claims. Our content is reviewed by subject matter experts to ensure accuracy and clarity.

We believe in transparency and maintain editorial independence from our advertisers. Our team does not receive direct compensation from advertisers, allowing us to create unbiased content that prioritizes your interests.

A wire transfer code is a string of numbers and letters that identify an account into which money should be transferred. Some common wire codes are IBAN, SWIFT or BIC. When performing a domestic wire transfer, the bank code, the routing number and the receiving account number is all that is needed. In order to complete a foreign wire transfer additional information such as the country code may be necessary as well.

In the European Economic Area and many other participating countries, such as Saudi Arabia and Israel, the International Bank Account Number (IBAN) is the norm. It is composed of a two-letter country code. This is followed by a two-digit check code. The alphanumeric code that follows contains up to 30 characters and varies from country to country. It contains the bank code and the account number and may contain a wire transfer routing number and a supplementary check code. A fictional example of a German IBAN is DE99 2032 0500 4989 1234 56.

To make a wire transfer in other countries, such as Japan and the United States, typically the Society for Worldwide Interbank Financial Communication (SWIFT) wire transfer code is needed. SWIFT registers the Bank Institution Codes (BIC), so sometimes the codes are referred to as SWIFT codes and sometimes BIC codes. The BIC code contains a four-letter bank identification code, a two-letter country identification code, a two-letter country code and a three-letter optional branch code. The BIC code for Deutsche Bank in Frankfurt, for example, is DEUTDEFF.

The main difference between the IBAN wire transfer code and the SWIFT/BIC wire transfer code is that the IBAN contains all the information necessary to credit a particular account. The SWIFT/BIC code only contains the destination bank information. Complementary information such as the account and routing numbers need to be reported separately. Since each country has its own accounting syntax, errors can occur when transferring money internationally without the IBAN.

Many companies offer to make a direct wire transfer to an employee’s account, avoiding the expense of cutting and sending checks. In the United States, the American Banking Association (ABA) routing number and the account number are necessary. This information is located on the bottom of the check starting from the left. The first nine digits are the routing number. The next twelve digits are the account number.

Banks are now providing a free wire transfer service between checking accounts and utility companies and other banks in order to attract customers. Typically the bank has a business relationship with the receiver, and does not require their wire transfer code. An account number may be sufficient.

SmartCapitalMind is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.

Discussion Comments

SmartCapitalMind, in your inbox

Our latest articles, guides, and more, delivered daily.

SmartCapitalMind, in your inbox

Our latest articles, guides, and more, delivered daily.