SWIFT code vs routing number vs IBAN: which do I need?
Updated
A routing number identifies a US bank for domestic payments. A SWIFT code (also called a BIC) identifies a bank anywhere in the world for international wires. An IBAN identifies a specific bank account and is used mainly in Europe and some other regions. Which you need depends on where the supplier's bank is, so ask the supplier for the full set of details their bank lists.
Routing number
A US routing number (also called an ABA number) is nine digits and identifies the bank. You use it with an account number for US wires and ACH payments. If your supplier is in the US, a routing number and account number are what you need.
Note that the routing number for ACH and the one for wires can differ at the same bank, so get the right one for the payment type.
SWIFT code (BIC)
SWIFT and BIC mean the same thing in everyday use. The code is 8 or 11 characters. The first four identify the bank, the next two are the country, then a location code, and an optional branch code. It tells the network which bank should receive the money, not which account.
You need a SWIFT code when you send an international wire. Your payment provider uses it to route the wire across banks.
IBAN
An IBAN identifies a specific account, not just a bank. Length varies by country, from 15 to 34 characters. Many countries in Europe use IBANs, and some other regions have adopted them. The US does not use IBANs for domestic accounts.
If a supplier is in a country that uses IBANs, you will normally need the IBAN, and often the SWIFT code too.
Which one do you need?
| Supplier's bank is in | Typical details to ask for |
|---|---|
| The US | Routing number and account number |
| A country that uses IBAN | IBAN, plus SWIFT code if requested |
| A country that doesn't use IBAN (for example, China, Hong Kong, much of Latin America) | Account number, bank name and address, SWIFT code |
Some countries add local numbers, such as Mexico's 18-digit CLABE. Always ask the supplier what their bank requires.
Other details that matter
- Beneficiary name. It must match the account holder exactly.
- Bank name and address. Some providers ask for both.
- Currency. Confirm the account can receive the currency you're sending.
- Reference. Put the invoice number in the payment reference.
Common mistakes
- Sending a US routing number for an international wire. It won't route.
- Typing errors. One wrong digit can send the payment to the wrong place or get it returned.
- Taking the details from an email you didn't expect. Verify new or changed details with the supplier by phone using a number you already trust.
- Assuming the SWIFT code identifies the account. It only identifies the bank.
Where Shield fits
Shield gives US businesses an account with their own US routing and account numbers, so buyers in the US can pay by wire or ACH, and you can pay suppliers by wire from your balance. Shield also supports overseas payments in dollars or stablecoins. If you're unsure which details a supplier's bank needs, ask the supplier or their bank first.
FAQ
Is a SWIFT code the same as a BIC? In everyday use, yes. SWIFT is the network that assigns them, and BIC stands for Bank Identifier Code.
Can I pay a European supplier with just a SWIFT code? Usually you need the IBAN as well. The SWIFT code only identifies the bank.
Is my Shield routing number the same as a SWIFT code? No. The routing number is for US payments. Ask Shield what international senders should use to pay into your account.
Next step
To open a US business account for supplier and buyer payments, visit Shield bank accounts.