what is iban?

IBAN stands for International Bank Account Number. It's a standardized format for identifying bank accounts internationally. The purpose of IBAN is to facilitate cross-border transactions by providing a unique identifier for each bank account, which helps reduce errors and processing delays.

An IBAN typically consists of a country code, two check digits, and a Basic Bank Account Number (BBAN) that includes the domestic bank account number and potentially additional information such as branch codes. The structure and length of an IBAN can vary depending on the country.

IBANs are used in conjunction with other information, such as the recipient's name and address, to ensure that payments are directed to the correct account. They are widely used in Europe and other parts of the world for both domestic and international transactions, particularly for electronic fund transfers.

What is an IBAN number?

The IBAN code stands for International Bank Account Number, a unique set of characters made up of up to 34 letters and numbers that helps banks process transfers around the world. Banks and other institutions use IBANs to identify individual accounts. They combine your local bank details into one string of characters, making it easy to identify your account when sending or receiving money.

Where can I find my IBAN number?

You can usually find your IBAN number by logging into your online banking, or checking your bank statement. If you want to send money overseas, it's important that you use the correct IBAN code. If you get it wrong, your bank might charge you for an invalid payment or send your money to the wrong destination.

When do you need an IBAN number?

If you’re sending or receiving money internationally, most European banks will ask for an International Bank Account Number (IBAN). The IBAN is the safest, most efficient way to make sure your money gets to where it needs to be. More banks around the world are starting to adopt this system, but you may need more details when sending money to another country.

Why do some countries not use the IBAN?

The IBAN is a common standard for international money transfers that has not yet been adopted universally. To send an international money transfer to some countries, you may need to include the recipient's account number, routing number, or SWIFT code.

What is a SWIFT/BIC Code?

A Society for Worldwide Interbank Financial Telecommunication (SWIFT) Code, or Business Identifier Code (BIC), is a standardized international code that identifies a financial institution. A BIC functions as an address of sorts for international transfers between banks. It consists of a four-letter bank code, a two-letter country code and a two-digit code that indicates the location of its head office. The last three characters are optional if the bank wants to specify a particular branch. SWIFT is also the registration authority for BICs.

What is a check digit?

A check digit is added into an account number as a way to verify whether the information provided can possibly be true. It allows for a quick mathematical calculation that ensures there are no missing or extra digits, or transposition errors. A check digit will not ensure you have the proper account number for the intended recipient, it will only validate that such an account actually exists. The destination bank is responsible for calculating the check digits, as well as providing the IBAN.