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The International Bank Account Number, called International Banking Account Number (IBAN), is a standard code for identifying bank accounts in order to facilitate international financial transactions.
The SWIFT code (Society for Worldwide Interbank Financial Telecommunication), is an international standard number to identify a bank, and contains the identification number of a specific bank or BIC (Bank Identifier Number).
Banks around the world use these codes to conduct transactions with financial institutions in other countries; Therefore, it is important that you know the IBAN and SWIFT codes of your local bank, as this will allow you to send and receive money from other countries more easily.
What is a SWIFT code?
In essence, the SWIFT code is an alphanumeric figure that contains the information necessary to identify the bank. It can be eight or 11 characters, depending on the bank office to which you refer.
Here is an example of a SWIFT code, which belongs to Capital One in Nueva Work: NFBKUS33.
By detailing it, you can realize that this code consists of:
- Four letters to identify the bank
- Two letters to identify the country
- Two letters to identify the location
- Two letters to identify the bank office
What is an IBAN code like?
The IBAN code is an alphanumeric figure that contains the information necessary to identify the bank, the country and the account number. The length depends on the country, and can contain up to 34 characters.
Here is an example of an IBAN code, which belongs to the British National Westminster Bank: GB 29 NWBK 601613 31926819.
By detailing it, you can realize that this code consists of:
- Four letters to identify the bank
- Two letters to identify the country
- Two numbers to identify the transaction
- A specific number for the bank account
- Six numbers to identify the order
What is the difference between the IBAN code and the SWIFT code?
The difference between the two codes lies in their function and what they identify. The SWIFT code is used to identify a specific bank in a transaction, while the IBAN code identifies each of the bank accounts involved in it. In a nutshell, both figures are important for an international bank transaction.
How to get these codes?
Visit or call your local bank and request the IBAN and SWIFT numbers. The local branch of your bank is the main holder of your bank account number and they will know the corresponding SWIFT and IBAN number. US banks do not participate in the IBAN system, so you will only need the SWIFT code and your account number if your bank is in the United States.
Use the appropriate information when contacting your bank. If you are going to make a phone call, be prepared to answer the security questions that will be asked. You should have no problem getting the necessary information once your bank is able to make sure you are the owner of your account.
Use the bank’s online services. Access your user on your bank’s digital platform and look for the bank identification number or SWIFT code. Most banks offer this type of information online.
Visit the SWIFT website. Open your browser, access the website and enter the required information in the spaces provided, click on “Enter” and start the search. You must be precise when placing the requested banking information.
Are these codes important?
Prior to its introduction, there was no standardized method to identify bank accounts internationally. The information that a country used to identify a bank was not necessarily recognized by other countries.
Therefore, there was no reliable way to ensure that the information used to make international transactions was correct. As a result, there was always the probability of ending up in a wrong account.
Similarly, transactions tended to be slow, since the verification of the information took time. This situation also presented monetary inconveniences, since erroneous payments, not made or sent to the wrong person cost money to the parties involved.
TD Bank Swift Code
TD’s international Swift Code is TDOMCATTTOR (applies to all accounts and branch locations).
What is TD Bank code
The Financial Institution Number (Bank Code) for TD Canada Trust is always 004. It is also sometimes referred to as the ‘Bank Code”.