SWIFT code - is it only for those w/ business accounts?

Question

I just want to know whether Swift codes are only confine to money transfers between business account or does it also cover/is also needed for foreign payments made from a business acct to a personal acct.

Answer 1

Check with your bank because I can't trust people at B of A to give the right information, but they indicated "no". International wire transfers do not use it, because they go through the Federal Reserve. The Swift code is a device of the Automated Clearing House (ACH) (or is it American C H?) to indicate the bank and location.

WARNING: Once upon a time, a couple of years ago, both clearing houses used the same ABA number for each bank, but one of them decided to change the numbers. So you won't use the same number for your bank for an ACH as you would for a Wire transfer through the Federal Reserve. Like I said, check with your bank and don't let them forget to tell you the correct numbers.

Answer 2

any bank transactions regarding foreign payments need SWIFT codes or IBAN number (International Bank Account Number).

The SWIFT code is - as I understand - used less and less and replaced by the IBAN.

SWIFT is an identification number for the banks while the IBAN is an identification of the bank account and bank together.