What are IBAN and SWIFT?

The IBAN (International Bank Account Number) is an international standard for the identification of account numbers. The SWIFT/BIC (Bank Identifier Code) is an international standard for the identification of banks.

What is IBAN?

The IBAN is an extension of your existing account number for use when you make cross-border payments. The IBAN helps ensure that incoming and outgoing payments are sent as quickly as possible through the bank systems. The IBAN format is the same in all countries.

What is SWIFT/BIC ?

The SWIFT/BIC (Bank Identifier Code) is an international standard for the identification of banks. Danske Bank’s SWIFT address is DABADKKK. Using the IBAN and SWIFT for cross-border payments is an advantage as payments are rarely delayed. As no manual processing is involved, the transaction costs are lower.

Source: Danske Bank.

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