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Definitions of Terms Used on Wire Transfer Request Forms
What is a beneficiary (for domestic and international wires)?
The beneficiary is the person to whom or the entity to which the funds are being transferred.
What is IBAN (for international wires)?
IBAN stands for International Bank Account Number. Payments made in U.S. dollars or local currency to the countries list below that do not contain an IBAN may be refused or delayed and incurred a "repair" fee from the bank.
What countries require an IBAN (for international wires)?
Countries listed in the following table require IBAN's on all international wire transfer forms.
What does an IBAN look like (for international wires)?
The length of an IBAN varies from country to country but has a maximum of 34 alphanumeric characters. For example, the United Kingdom is GB29 NWBK 6016 1331 9268 1.
What is included in the IBAN (for international wires)?
Included on the IBAN are the following:
- ISO Country Code
- Check Digits
- Routing Code
- Domestic Account Number
Where can I find an IBAN (for international wires)?
IBANs are assigned by the beneficiary bank. Therefore, your beneficiary is the only source. To verify an IBAN, you can visit www.apacs.org.uk
What is SWIFT code (for international wires)?
A SWIFT Code (also known as ISO 9362) is a standard format of bank identifier codes approved by the International Organization for Standardization. It is the unique identification code of a particular Bank. The SWIFT code is 8 or 11 characters, made up of:
- Bank code (4 characters, usually numeric)
- ISO 3166-1 alpha-2 country code (2 characters)
- Location code (2 characters)
- Branch code (3 characters for primary office - optional)
Where an eight-digit code is given, you may assume that it refers to the primary office.
Where can a SWIFT code be found (for international wires)?
The SWIFT Code can be found on the Account Statements.
What is a bank code (for international wires)?
A bank code is assigned to country's licensed member banks by a central bank, a bank supervisory body or a bankers association. The name of such a code varies. In some countries the bank codes can be viewed over the internet, but mostly in the local language. Those countries that have IBANs (see above) mostly make use of the bank code in specifying IBAN account numbers.
What is a correspondent bank?
A correspondent bank performs specific functions on behalf of another bank (respondent bank). Usually the banks are in different countries. Functions may include loan participation, check clearing, data processing, cash management, and consulting services.
What is an RTN or ABA Number (for dometic wires)?
A routing transit number (RTN) or ABA number is the nine-digit code used in the United States which usually appears on the bottom of a check.