When making an international payment, you’ll need the full beneficiary name, account number, bank name, bank code and Swift code. For certain countries and currencies, you may require an IBAN number, but our payments team can assist you and guide you through the entire process.

What is a swift code?

SWIFT codes are 8 to 11 characters long and made of both letters and numbers. They can normally be found on your bank statement or on your bank’s website. The SWIFT code is a format of your BIC (Bank Identification Code), in some cases you may be asked to provide a BIC code but it’s basically the same thing as the SWIFT Code.

SWIFTs or BICs are unique codes used to identify particular banks. The SWIFT payment system allows banks and financial institutions to send and receive secure messages regarding payment instructions. This is done when a payment is initially made but also when there is a query on a particular payment.

What About The IBAN?

When making an international payment, you may require an IBAN number depending on where the funds are being sent to. Banks in the US use swift codes and not IBAN numbers, the same applies to New Zealand.

Most European banks use IBANs (International Bank Account Numbers). Like Swift codes, these are unique codes that identify a given bank account and provide a standardised way of recognising and locating bank accounts throughout the world. Your IBAN number will incorporate your overseas account number and branch code. It is used to ensure that your international payments are sent directly to the correct bank and bank account.

In most cases your IBAN number can be found on your bank statement, alternatively if you have the account details you can put it together yourself or ask us to assist you.

An IBAN number is constructed as follows:

• A two-letter code representing the country
• A two number “control code” which allows errors to be identified when long numbers are input manually
• Up to 30 letters and numbers that identify the specific bank and bank account

Avoid using the Bank to transfer money!

The downside of using your bank to transfer money. When you send or receive an international payment with your bank, it will cost you far more. Banks often charge as much as a 4-5% margin on the exchange rate plus fees. Depending on the size of your payment, you could potentially save thousands by using an international payment specialist like fx paymaster.

Banks obviously deal with thousands of clients which is part of the reason why it takes so long to process a payment and why their customer service is so poor, they’re just not geared for it. In fact, many banks are introducing systems to try and get away from having to deal with customers.

Our business couldn’t be more different, at fx paymaster, we want to deal with you. Our team will take the time to get to know you and understand your currency requirements. All of our clients have direct access to our dealing room and can call us at any time.

Set up your Global Payment Account with fx paymaster today!

• The account is in your name and is held with one of our banking partners.
• The account is completely free, there are no setup fees or annoying monthly admin fees.
• There is no obligation to use the account.
• The account is separate from your existing bank accounts, so you don’t have to switch banks to use us.
• The account gives you access to preferential, bank beating exchange rates.
• There are no hidden fees or commission.
• When booking a deal, you can either phone one of our friendly dealers or book the rate online.
• You can close the account at any time.