What is IBAN and BIC (Swift-Code)

Re: IBAN and BIC (SWIFT-Code)
The International Code of Bank Account (IBAN) is an identification number to validate international bank account that has a client in a financial institution. The aim of the IBAN is to facilitate the automatic processing of cross-border payments and receipts. The standard ensures the correct transmission of data and reduces the possibility of manual intervention. Therefore helps to avoid the costs and delays associated with missing or incorrect transmission of data relating to bank accounts.

The IBAN consists of a maximum of 34 alphanumeric characters, depending on the country. The first two are alphabetical character and identify the country. The next two check digits are used to verify the accuracy of the IBAN. The others are the bank account number.

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The SWIFT (Society for Worldwide Interbank The Financial Telecommunications) or International Bank Identifier Code (BIC) is one that allows to uniquely identify each credit institution and / or their offices. It consists of 8 or 11 alphanumeric characters with the following meaning:

1. Code credit institution is 4 characters identifying the financial institution worldwide.
2. Country code: they are 2 characters that identify the country (or geographical area) which houses the mainframe business credit institution.
3. Local code: 2 characters are identifying the region or city which houses the mainframe business of credit institutions.
4. Office Code: are 3 characters that identify a particular office or department of the financial institution.

 
And why is this information here?
SImply because many Spanish companies and local authorities have not had to deal with international transfers, and I am asked this question all the time.