In this guide we will be introducing you to an invaluable tool: the IBAN validator. Similar in functionality to an IBAN checker, this online resource will come in handy whenever you need to double check the details of your international bank transfer.
An IBAN, or International Bank Account Number, is a banking code which is used to identify the account of a customer at a financial institution. The IBAN system was designed to reduce this risk of errors when sending money abroad. An IBAN is formatted to consist of all the relevant information needed to transfer funds from one bank to another. IBANs were originally used for transfers with the Eurozone only, but due to the success of this identification method, they are now used across the globe and have become a standardised mode of communication.
Why would I need to use an IBAN?
IBANs are used to facilitate cross-border transactions sent from a benefactor in one country, to a payee in another country, streamlining the process and reducing the chance of erroneous payments. Customers will need to find out the IBAN of their payee before they can make an international money transfer online, over the phone or in-person. Find out how to locate an IBAN by reading our guide on the subject.
In 2020, nearly 2 billion individuals around the world were actively using the online services provided by their bank. This figure is expected to reach 2.5 billion by 2024. With more and more people utilising online banking and money transfer services, there has never been a better time to learn more about the world of digital remittances.
Check out our Send Money Online guide today and stay in the know.
As the name suggests, an IBAN validator is a tool which enables users to verify and validate International Bank Account Number details. This tool makes it possible for the sender to validate the routing information prior to submitting the payment, avoiding delays and bypassing potential mistakes.
Due to the growing prominence of online banking and digital remittance platforms, customers may have appointed their bank the responsibility of finding and validating an IBAN, heading to their local branch or calling up to conduct the validation process. However, nowadays, it is possible to verify an IBAN yourself, entirely online. This means customers are able to confirm their recipient’s bank details quickly and securely, transferring funds instantly, the money reaching your recipient before you even made it to your local bank branch.
The programming of an IBAN validator makes it possible to conduct the following checks:
IBAN validators are also sometimes known as IBAN checkers: read more about these here.
MoneyTransfers remain at the forefront of digital advancements taking place across the remittance industry. We keep our finger on the pulse of everything remittance-related, so you can rely on us to provide you with reliable advice. International bank details may appear complicated but we hope this guide helps you to transfer funds to the country of your choice, in the currency you need, in a timely manner. For more information about IBANs, check out some of our other articles below. If you are ready to start the process of sending an international money transfer, use our comparison tool to find the best service provider for you.