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What are IBAN, BSB, and Swift Codes?

  • The International Bank Account Number (IBAN) is an internationally agreed system of identifying bank accounts across national borders to facilitate the communication and processing of cross border transactions with a reduced risk of transcription errors. An IBAN uniquely identifies the account of a customer at a financial institution.
  • A Bank State Branch (often referred to as “BSB“) is the name used in Australia for a bank code, which is a branch identifier. The BSB is normally used in association with the account number system used by each financial institution.
  • The Society for Worldwide Interbank Financial Telecommunication (SWIFT) provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment. Business Identifier Codes (BICs, previously Bank Identifier Codes) are popularly known as “SWIFT codes”.

It is very important to enter all of these codes whenever you make a withdrawal request. This is to ensure that the transaction will be processed and completed accordingly and at the soonest.

If your bank does not use a Sort/BSB code, you may enter six zeroes (000000) in the relevant field.

Bank codes are usually available on the web, so you can simply google them. If you are unsure about it though, we strongly advise you to reach out to your bank and obtain the correct codes.

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