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      All You Need to Know About Bank or Payment Methods

      Learn about the bank information you need to provide your payers.

      What Is Bank Information?

      Bank information includes the details needed to process and manage financial transactions with a specific account. It’s used for receiving payments, transferring money, verifying account ownership, and complying with financial regulations.

      Typical Bank Information Includes:

      1. Account Holder’s Name – The name of the individual or business that owns the account.

      2. Account Number – A unique number assigned to your bank account.

      3. Bank Name – The name of the financial institution.

      4. SWIFT/BIC Code – Used to identify banks for international transfers.

      5. IBAN – An international format for bank accounts used in many countries.

      6. Branch Code – Identifies a specific bank branch (used in some countries).

      7. Routing Number – A 9-digit code used in the U.S. for domestic transfers.

      8. Sort Code – A 6-digit number used in the UK to identify banks and branches.

      9. Currency Type – The currency the account operates in (e.g., USD, EUR, GBP).

      Country-Specific Bank Information Formats

      United States

      • Account Number: Up to 17 digits

      • Routing Number: 9 digits

      • SWIFT Code: Needed for international transfers

      Canada

      • Institution Number: 3 digits

      • Transit Number: 5 digits

      • Account Number: Up to 12 digits

      United Kingdom

      • Sort Code: 6 digits (e.g., 12-34-56)

      • Account Number: 8 digits

      • IBAN: Starts with “GB” + 22 characters

      European Union / IBAN Countries

      • IBAN: Country-specific format (e.g., DE for Germany)

      • SWIFT/BIC Code: Used for international transactions

      India

      • Account Number: 9–18 digits

      • IFSC Code: 11-character code

      • SWIFT Code: For international use

      Australia

      • BSB Code: 6 digits

      • Account Number: Usually 9 digits

      South Africa

      • Account Number: 11 digits

      • Branch Code: 6 digits or a universal code

      China

      • Account Number: Format varies by bank

      • SWIFT Code: Required for international payments

      Nigeria

      • Account Number: 10 digits

      • NUBAN: Standardized account format

      • SWIFT Code: For international transfers

      Haiti

      • Account Number: Varies by bank

      • SWIFT Code: For international transactions

      Examples of Bank Info Formats

      • IBAN (Spain): ES91 2100 0418 4502 0005 1332

      • SWIFT Code (Germany): DEUTDEFF

      • Routing Number (U.S.): 021000021

      Common Uses of Bank Information

      1. International Transfers – Requires IBAN and SWIFT for accuracy.

      2. Domestic Transfers – Uses routing numbers, sort codes, or branch codes.

      3. Direct Deposits – Used for salaries and recurring payments.

      4. Account Verification – Confirms ownership and ensures security.

      Understanding the correct bank details for each country ensures fast, secure, and accurate transactions, whether local or international.