When making or receiving USD transfers, choosing the correct banking identifier (Routing Number or SWIFT/BIC code) is essential. Using the wrong one can cause payment delays, rejections or unnecessary fees.
These FAQs explain the key differences between these identifiers and help you determine which to use for domestic (US) or international transfers.
What is the difference between a Routing Number and a SWIFT/BIC code?
A Routing Number (also known as an ABA number) is used exclusively for domestic transfers within the United States. It identifies the recipient bank for local USD transfers.
A SWIFT/BIC code is the international standard for cross-border transfers. It identifies banks globally and is required for all international wire transfers.
My beneficiary is asking for a Routing Number to receive my payment. What should I do?
This is a common issue. Since we only send payments via SWIFT, a local Routing Number is insufficient.
Action to take: You must request your beneficiary’s international bank details (IBAN + SWIFT/BIC code). Without these details, you cannot correctly complete the payment request on our platform.
Can I send USD transfers using a Routing Number from my iBanFirst account?
No. All transfers sent from your iBanFirst account are processed exclusively via SWIFT (IBAN + BIC/SWIFT).
It is not possible to send a transfer via Routing Number/ABA from iBanFirst, as this system is reserved for domestic transfers within the US between American banks.
How can I receive local USD transfers to my iBanFirst account?
If you have a "Local USD Collection" account, you can receive local domestic transfers within the US, such as “NACHA / ACH” and “Fedwire”.
you can find the necessary Routing Number within your iBanFirst platform by navigating to the Account > Account Details section.
If you have a standard USD account, you can only receive international SWIFT transfers. You can provide your sender with your IBAN and SWIFT/BIC code.
What is the "Local USD Collection" account at iBanFirst?
With a "Local USD Collection" account, you can receive local USD transfers from the United States via a routing number.
Important: This account does not allow you to send local USD transfers. It is solely for receiving funds.
You have to request a Local USD account through your iBanFirst account manager. If you have not explicitly requested one, you likely have a standard USD account (SWIFT only).
If you have questions about your banking details or would like to open a "Local USD Collection" account to receive local US transfers, please contact your iBanFirst account manager.