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It can be hard to keep up with the various banking terms that apply to different international money transfers, which is why we strive to provide as much detail as possible on subjects relating to global payments. In this guide we will outline what sort codes and IBANs are, looking at when they are required and how to decode them.
What’s the difference between a sort code and an IBAN?
A sort code is the domestic bank code used to identify bank branches in the United Kingdom and Republic of Ireland. In order to make a domestic transfer here, you need both the recipient’s sort code and account number.
An IBAN, or International Bank Account Number, is a unique identifier for bank accounts around the world, making it easier to correctly route money using only one cataloging system.
It’s used for international transfers by financial institutions in over 82 countries and territories worldwide, and includes unique details allowing you to identify banks in each country, including a sort code for the UK and Ireland.
What is the format of a sort code?
A sort code is composed of six digits, split into three, often hyphenated pairs. The first pair is typically used to identify banks, and the remaining four digits identify which branch of the bank it is.
A sort code may appear in the following format:
12-34-56
123456
What is the format of an IBAN?
IBANs are composed of up to 34 alphanumeric characters, which include a country code, a check number, a bank code, a branch code, and an account number. Because countries use different systems for numbering their accounts, the IBAN length will vary from country to country.
For example, a UK IBAN might look like this: GB33BUKB20201512345678
This format can be translated as follows:
The two digit country code (GB33BUKB20201512345678)
The two digit check number (GB33BUKB20201512345678)
The four digit bank code (GB33BUKB20201512345678)
The six digit sort code of the bank branch (GB33BUKB20201512345678)
The eight digit bank account number (GB33BUKB20201512345678)
How do I use an IBAN to find a sort code?
In the UK and Ireland, the sort code is the 9th, 10th, 11th, 12th, 13th, and 14th digits of your IBAN.
When would I need to find a sort code using an IBAN?
You might need to provide a sort code when conducting certain banking transactions, such as:
Direct debits
Standing orders
Online payments
International money transfers
Where can I find my IBAN?
You’ll usually be able to find your IBAN by doing one of the following:
Logging in to your online banking account
Opening your banking app
Checking the account details on your bank statement
Contacting your branch
Using an IBAN calculator
What else can I find using an IBAN?
How to find an account number from your IBAN
Your international bank account number includes lots of identifying information about your bank, including your sort code, the country your branch is located in, and your bank account number.
Your basic bank account number is in the last section of the bank identifier code. In the United Kingdom and Ireland, this makes it the final eight digits of your IBAN.
Find an account number using an IBAN.
Because your IBAN displays your country codes, your sort code and account number, you can use it to pinpoint the address of your bank branch. The country code identifies the country of the banking institution, and each individual branch has its own sort code. Using this, you can pinpoint the address of a branch using an IBAN.
Best International Money Transfer Options
To enjoy the best deals for international transfers, you need to choose a money transfer service. They have lower overheads than banks, which means they are in a position to offer lower fees to customers. Also, their currency conversions match the mid-market rate for many currency pairs. Banks charge large markup percentages that are essentially an added fee.
XE Money Transfer is a perfect example of a top-tier money transfer company that offers an amazing deal for sending money abroad. Compare the fees with most banks and you will be pleasantly surprised with the savings. Also, they offer instant transfers without charging extra.
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