AI agents for business finance: what they can and can't do
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The short answer
Local account details are the numbers a payer in that currency's home system uses to pay you as if you banked there: a sort code and account number for GBP, a routing and account number for USD, and an IBAN for EUR. A payment sent to local details travels on that country's domestic rails rather than as an international wire, and in a multicurrency account it stays in that currency until you convert it.
What "local details" means
Every currency has its own domestic payment system, and each system identifies accounts its own way. When an account gives you local details for a currency, a payer inside that system can pay you with an ordinary domestic payment, without the international steps that add intermediary banks and charges. Without local details, the payer has to send an international transfer, usually over SWIFT.
| Currency | Local details | Typical domestic payment | For international payments |
|---|---|---|---|
| GBP | Sort code + account number | UK bank transfer | IBAN + BIC/SWIFT |
| USD | Routing number + account number | ACH or domestic wire | SWIFT code + account number |
| EUR | IBAN (with BIC where asked) | SEPA transfer | IBAN + BIC |
The terms, one by one
- Sort code
- A six-digit number identifying a UK bank and branch, used with an eight-digit account number for UK payments.
- Routing number
- A nine-digit number identifying a US bank for domestic payments; ACH transfers and domestic wires use it with the account number.
- IBAN
- International Bank Account Number. HSBC UK describes it as a standard global format and notes that "not every country uses IBANs".
- BIC / SWIFT code
- Identifies the bank for international payments. HSBC UK says the BIC is also called the SWIFT code and "they're the same thing".
The US is the common exception on IBANs. Bank of America's wire transfer page says its accounts have no IBAN; international senders use its SWIFT code and the account number instead.
What a payer needs from you
Barclays' help page on receiving money from abroad lists what to give a sender: your IBAN, the SWIFT/BIC, your sort code, your full name and address, and the amount and currency. It also says "you should agree with the sender who's going to pay" the charges. With local details the list is shorter, because the payer is making a domestic payment:
- your name exactly as it appears on the account;
- the local numbers for that currency (sort code and account number, routing and account number, or IBAN);
- the bank or provider name, if the payer's system asks for it;
- a payment reference, if the payer or you need one for records.
How incoming money is held
What happens next depends on the account. A traditional single-currency account converts what arrives. Lloyds, for example, says foreign currency paid into a sterling account is converted to pounds on the day at its standard rate, which includes a margin of 3.55% on amounts up to £10,000, falling with larger amounts (as at October 2026). A multicurrency account instead keeps each currency in its own balance until you decide to convert.
Provider coverage differs. Wise's UK page on naira, for example, says it offers local account details in eight currencies and lists them; NGN is not among them, although it says you can hold and convert naira. Grey's pricing page lists foreign accounts with IBAN, UK sort code and US ACH fields. Check which currencies a provider gives local details for before you share them.
Local details versus an international transfer
The difference shows up in cost and in who pays. Barclays' international payments page explains the three charging options on a SWIFT payment: OUR (the sender pays all charges), SHA (each side pays its own bank) and BEN (charges are deducted from the amount), and notes that intermediary banks may also take a fee. A domestic payment to local details normally avoids intermediary banks altogether.
A worked example
Example: Bisi, a freelance designer in Lagos, invoices a London client £1,000. If she gives UK local details, the client makes an ordinary UK bank transfer and £1,000 arrives in her GBP balance. If she gives only SWIFT details for an account elsewhere, the client sends an international payment; under SHA or BEN charging, intermediary and receiving fees may reduce what lands, and if the receiving account is single-currency it may be converted on arrival at that bank's rate. The invoice is the same; the route decides how much of it she keeps and in which currency.
Checks before sharing your details
- Confirm the details are in your name, not a pooled account name, if the payer requires that.
- Check which payment types the details accept (for example ACH only, or wires too).
- Ask whether there is a fee to receive and whether limits apply.
- Send a small test payment the first time, especially for payroll.
- Keep the details private; share them only with people who pay you.
For a fuller checklist, see the multicurrency account checklist; for money coming from Nigeria, see receiving money from Nigeria while abroad. Our Nigeria library compares domiciliary and multicurrency accounts.
Where Pryme fits
A Pryme account holds NGN, USD, GBP and EUR, with local account details for each, and can be opened from any country. Money stays in the currency it arrived in; Swap converts only when you choose, with the rate shown first and the fee on its own line. Outside Nigeria, these activities are carried out through regulated partners. See the multicurrency account.
Questions people ask
What is the difference between a sort code and an IBAN?
A sort code and account number are for UK domestic payments. An IBAN identifies the same account in a standard international format, used with a BIC for payments from abroad.
Do US bank accounts have an IBAN?
Generally not. Bank of America says its accounts have no IBAN; international senders use its SWIFT code and the account number.
Can someone in Nigeria pay my local USD details?
A payment from a Nigerian bank is international, so it usually needs SWIFT details rather than local US details.
Does money sent to local details get converted?
In a single-currency account it is usually converted on arrival. In a multicurrency account it stays in that currency until you convert it.
Sources
- HSBC UK: What is an IBAN, a BIC and a SWIFT code? · accessed Oct 2026
- Barclays Help: Receiving money from abroad · accessed Oct 2026
- Barclays: International payments · accessed Oct 2026
- Bank of America: Wire transfers · accessed Oct 2026
- Lloyds Bank: Receive money from outside the UK or in a foreign currency · accessed Oct 2026
- Wise: Nigerian naira account alternatives in the UK · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.