.svg)
What is an IBAN?
An IBAN - International Bank Account Number - is a code made up of up to 34 letters and numbers used as a unique identifier for your bank account. IBANs are used by banks all around the world to process international payments, with this unique combination of characters providing a code that pinpoints your country, bank, and bank account when sending or receiving money.
IBAN formatting
Format of an IBAN
As per the example, each part of an IBAN should follow this format.
Country
A-ZThe country that the bank account is held in - this is generally the universal country code.
Check Digits
0-9This enables the sending bank to perform a security check of the routing destination.
Bank Identifier
A-Z0-9This code identifies the recipient account holder’s bank.
Sort/Bank Code
0-9The sort/bank code for the bank transfer.
Account Number
0-9The account number for the bank transfer.
Recognizing your bank details
Your sort code and account number will be in the same format as it is on your bank details, so it’s usually fairly easy to tell if you have got the right IBAN number for your account.
Where IBANs are used
The IBAN format is used mostly within the EU, as well as by Norway, Switzerland, Hungary, and Liechtenstein. The US does not require an IBAN code for international payments, but if you are based in the US and making a transfer to an account in Europe, it’s likely that you’ll need your recipient’s IBAN.
When you will need an IBAN
IBAN codes are often required if you are sending money internationally directly to someone’s bank account. They are used by banks to identify the location, bank, and bank account a payment needs to be made to, by providing a set format of information.
Learn more about IBANs and IBAN transfers
IBAN vs SWIFT: What’s the difference?
When dealing with international money transfers, you’ve probably come across the terms ‘IBAN’, ‘SWIFT’, and ‘BIC’, and wondered: what’s the difference?
An IBAN - International Bank Account Number - is used to identify the specific account that is to be used in an international transaction. A SWIFT - Society for Worldwide Interbank Financial Telecommunication - code, or BIC (Business Identifier Code), on the other hand, is used to identify a specific bank for an international transfer but not the account itself. Both codes are therefore essential elements containing vital information for international payments but serve different purposes.
More swift guides
How IBANs work
IBAN codes are often required if you are sending money internationally directly to someone’s bank account. They are used by banks to identify the location, bank, and bank account a payment needs to be made to, by providing a set format of information.
If you are making an international payment where an IBAN is required, you should be able to organize your transfer via your online banking, app, or even by visiting your local bank branch.
If you are required to provide an IBAN for your recipient, you will probably also need to supply:
Your recipient’s name and address
The name and address of your recipient’s bank
Your recipient’s BIC/SWIFT code
The sum you need to transfer
What currency you want your international payment converted into
These details will all enable your bank to convey your transfer instructions to the recipient bank accurately and securely, with an international transfer usually completed within 3 - 5 working days.
How to I find your IBAN
If you are receiving an international payment, you may be asked by the sender for your IBAN. You can locate your IBAN in any one of the following ways:
Online banking
Bank statement
Your branch
Alternatively, you could use an IBAN calculator.
IBAN calculator
IBANs follow a set format in every country they are used in, so it’s possible to find your IBAN via an IBAN calculator if you don’t already have
An IBAN calculator will require your home country, bank account number, and sort code to generate your IBAN. You may also be able to use a calculator to validate the IBAN you have and ensure it is correct.
Getting the right IBAN code
If you are sending or receiving an international payment using the services of your bank, it is vital that you provide the correct IBAN. Even one incorrect digit or character could cause your transfer to bounce back to your account, be severely delayed, or even be deposited in the wrong account - which is extremely difficult to reverse once completed.
Always double-check
It’s crucial that you double-check you have the right details when sending money, and have provided the correct details when receiving a payment.
Countries that use IBANs
The IBAN system is currently used in Europe, the Caribbean, Middle East and North Africa, to help banks ensure international money transfers are processed correctly and in a safe and timely manner. If you are sending money to any country in any of the aforementioned regions, you will likely need to provide an IBAN code.
To make matters easier we have put together a full list of countries that use IBAN:
New Caledonia | |
Faroe Islands | |
French Guiana | |
French Polynesia | Saint Barthelemy |
French Southern Territories | Saint Lucia |
Saint Martin | |
Saint Pierre et Miquelon | |
Gibraltar | Sao Tome and Principe |
Greenland | |
Guadeloupe | Slovak Republic |
Virgin Islands | |
Wallis and Futuna Islands |
Do IBANs look the same in every country?
IBAN format and structure differs from country to country. IBAN details for every region are described in the official IBAN registry. Online resources such as the IBAN Structure and Examples guide, provide a list of examples of how each country formats these codes: read more here.
The accuracy of an IBAN is crucial for anyone sending money overseas using an International Bank Account Number. For this reason, IBAN checkers are an invaluable tool that can be used to verify banking information.
Fees for using IBANs
If you are looking for an IBAN because you are sending money abroad, it’s worth considering all your options for international transfers and what overall charges you are facing.
While banks are a convenient way of sending money internationally, they are rarely the cheapest or most efficient option. An international transfer can vary greatly in fees depending on what provider you use. The two fees to be aware of are transfer fees and exchange rates.
A poor exchange rate can add up to hundreds or even thousands lost in fees to your bank or transfer provider, so checking to make sure you are getting a good rate is the first step anyone sending money abroad should take. In general, banks are known to have less competitive exchange rates and higher transfer fees than most money transfer operators.
Additionally, with some transfer providers, you don’t need to go through the hassle of providing multiple details and bank codes for your recipient. You also have the option of sending funds via cash or even paying into a mobile eWallet using your recipient’s phone number or email address.
Regardless of how you are sending your transfer, informing yourself on the different options available to you and comparing the costs, transfer times, and payment methods offered by different transfer providers is a sensible approach to help you save money and get the best deal for your transfer.
Our innovative comparison engine is designed to give you a clear, transparent view of the best money transfer operators for your specific transfer needs, taking cost, exchange rates, transfer times, security and more all into account.
