Originally Posted by
Aviatrix
SWIFT, BIC, IBAN: This is all information that the banking system will need to correctly route the money. I don't know if they need all three of them, I don't know exactly how they are used, but I know that this is part of the standard information that one gives to one's customers abroad when they ask for bank details (along with the account number and the bank sort code - which is the ONLY information that customers in one's own country need).
I’m no expert, but from experience I know there are only 2 codes:
- BIC/SWIFT (no idea why they use 2 names) is generally an 8-letter code that includes the country and the name of the bank.
- IBAN is the account number within that bank, in an international format.
With these 2 codes you don’t need any other information. The bank’s name for instance can be deducted from the BIC (or SWIFT) code. (Most banking software will do that for you.)
As said before, you need these for wire transfers. I don’t think you need them for PayPal.