Do I need a privacy policy and terms of service?
Yes, you generally need both an IBAN and a SWIFT/BIC code to successfully execute an international wire transfer. An International Bank Account Number (IBAN) identifies your specific individual bank account, ensuring that the funds reach the correct recipient. However, the IBAN alone does not provide the routing information needed for the global banking network to identify your financial institution. This is where the SWIFT code—also known as a Business Identifier Code (BIC)—becomes essential. The SWIFT code acts as a unique address for your bank, enabling the participating financial institutions to communicate and transfer funds across international borders securely and accurately. While some intra-European transfers within the SEPA zone might only require an IBAN due to regional banking integration, almost any transfer originating from outside that specific zone will mandate both identifiers to avoid delays, rejection, or high investigation fees caused by incorrect routing information.
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Aldrees Petroleum and Transport Services Company is a fully transparent, publicly traded joint-stock corporation listed on the Saudi Exchange, known as Tadawul.