What are the differences between SEPA and SWIFT IBAN?

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Things to note while trying to identify if the IBAN is SEPA or SWIFT:
Country Code: Both SEPA and SWIFT IBANs start with a two-letter country code (e.g., DE for Germany, FR for France).
The country code itself doesn’t differentiate SEPA from SWIFT IBANs but indicates the country of the bank account.
Length and Structure: While IBANs are standardized in length per country, SEPA IBANs may appear more uniform due to stricter standardization within the SEPA region.
SWIFT IBANs can vary more in length and structure due to the broader range of countries involved.
Currency Indicator: SEPA IBANs are associated with euro transactions.
SWIFT IBANs can be associated with transactions in various currencies.
Usage Context: SEPA IBANs are typically used for transactions expected to be processed within the SEPA region, and this context might be indicated in related documentation or communication. SWIFT IBANs are used for broader international transactions and this context might be indicated similarly.
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Practical Example:

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SEPA IBAN (Germany):
DE89 3704 0044 0532 0130 00
DE: Country code for Germany
89: Check digits
3704 0044 0532 0130 00: Basic Bank Account Number (BBAN) including bank code and account number
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SWIFT IBAN (United Kingdom):
GB29 NWBK 6016 1331 9268 19
GB: Country code for United Kingdom
29: Check digits
NWBK 6016 1331 9268 19: BBAN including bank code and account number

If you are not sure if a particular IBAN is part of SEPA or SWIFT, you can check this using this tool www.iban.com.

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