- An International Bank Account Number (IBAN) is an identification number for sending money to international bank accounts.
- An IBAN is used in more than 70 countries and mainly in Europe.
- Ask the recipient for their bank details beforehand and verify them before sending money.
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Some countries require more detailed banking information to send money abroad. If you’re sending money to a relative in Europe, you may need their International Bank Account Number (IBAN).
What is an IBAN?
An IBAN is an identification number used in international banking to send money to certain international bank accounts. IBANs are used by more than 70 countries, including most European countries.
IBANs have a specific structure and can be between 15 and 32 characters. All IBANs must contain the following parts:
- Postal code: This is the start of an IBAN. It will be two digits and will identify the country you plan to send money to.
- Two-digit checker: This number helps to ensure that the transaction is completed.
- Bank ID: This number should identify your recipient’s bank.
- Beneficiary account number: This number is your recipient’s bank account number.
Shalin Peck, vice president of Scient Federal Credit Union, says IBANs are meant to make it easier to send funds since detailed information is provided.
How is an IBAN used?
IBANs are used to make international transfers. Most people use international wire transfers to send funds to family members overseas. However, an IBAN may also be required to carry out international business transactions.
There are several ways to send international bank transfers. The easiest way is to send money through your local bank or credit union. You can also send money internationally using online services such as Wise or Payoneer.
If you send money internationally through your bank, a banker can help you make an international bank transfer.
How to find an IBAN
The easiest way to find the correct IBAN is to ask your recipient for their bank details. They should be able to log in online or check their bank statement to tell you their IBAN.
Once you have your recipient’s bank account information, you’ll need to verify it with the institution you’re using. If you send an international bank transfer incorrectly, you may have to pay a fee.
You can also use this table to give you a general idea of IBAN accuracy. The table below uses information from the IBAN registry published by SWIFT.