What Do These Terms Mean?
IBAN stands for International Bank Account Number, an international standard used to identify bank accounts across borders. It is often used for international money transfers.
SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. It is an international standard for identifying the banks involved in international money transfers. A SWIFT code consists of 8 or 11 characters and is used to identify the bank and its location.
BIC stands for Bank Identifier Code, another international standard used to identify banks. It is also used in international money transfers to identify the bank and its location. The BIC code is similar to the SWIFT code and also consists of 8 or 11 characters.
What Should You Choose in Bulder?
At Bulder, we only support IBANs from countries within the SEPA (Single Euro Payments Area) agreement. This is a payment solution for transactions within the EU. While it’s possible to select a currency in the payment solution, we recommend choosing the local currency of the country you are transferring to, if possible. This is the cheapest option for you.
When performing periodic checks, you need to declare which country the recipient's bank is located in, not the recipient themselves.