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ABA, IBAN, SWIFT, and CHIP - Understanding Money Transfer Codes

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Most banks transfer money from your account to that of another in a foreign country for a small fee. For this wire transfer to take effect, you’ll need to provide the bank with information that includes the name and address of the account holder, information about the financial institution the money is being sent to and the ABA, SWIFT, CHIPS or IBAN of the recipient bank. It is vitally important to get this information correct as domestic transfers cost around $25, with international charging around $43.

ABA Routing Number
Used within the United States, the American Banking Association (ABA) Routing number may also be called the Routing Transfer Number (RTN). It is the identification code of your bank, is nine digits long and is composed of numbers only.


When making a direct deposit or direct payment of consumer bills, you can find it on your check as the first nine numbers preceded by your bank account number.


The ABA is also used for wires and electronic automatic clearing house (ACH) transactions such as electronic funds transfer, echecks, and tax payments, among others. In this case, it may be different than the routing number printed on your bank checks, so please contact your bank for the appropriate ABA number. Use the ABA with the account number to perform the transaction.

IBAN
IBAN stands for The International Bank Account Number and is a 34-digit long code that carries all the identifying information about your bank, its branch, its location and your account number in both digit and letter form. Its purpose is to improve cross border money transactions and to reduce the risk of transcription errors, where processors misread the font or content. T

The IBAN is used in most European countries as well as in many parts of the Middle East and the Caribbean. As of 2016, 69 countries use this code to make or rely on transactions.


BIC (or SWIFT)
The Bank Identifier Code (sometimes called SWIFT) contains information about the receiving country, bank and branch. It contains numbers and letters and is eight to 11 digits long.

The acronym SWIFT refers to the Belgian Society for Worldwide Interbank Financial Telecommunication that developed the code as part of its mission to...https://www.compareremit.com/money-transfer-guide/understanding-money-transfer-codes/

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