Swift Code vs IBAN

Since there were many queries about the difference between swift / bic and IBAN code. Here I am trying to explain the same. Hope this helps.

• SWIFT code is for identification of a bank or business while IBAN is International Bank Account Number.

• IBAN is used by customers to send money abroad while SWIFT is used by banks to exchange financial and non financial transactions.
At the same time, you need to fill this information yourself, while banks require it.
• IBAN allows for easier and faster money transfers worldwide.