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Frequently Asked Questions about IBAN account numbers

What is an IBAN?

IBAN stands for International Bank Account Number.

What is the difference between an IBAN and an account number?

An account number and bank code are the primary way to identify the bank and branch an account is held at. An IBAN is used for receipt of cross border Euro payments in your favour and allow banks to understand bank details for accounts in a simple way. It allows both the sending and receiving bank to validate the bank and account details, provided the IBAN is in the correct format and the data is valid.

Where can I get my IBAN? Who issues it?

When you open an account with any bank in Europe, a bank is required to provide an IBAN as well as a domestic account number. It is a legal requirement for all banks in Europe to issue IBANs

Warning: DO NOT attempt to generate or compute an IBAN by yourself or using any third party tools. Only your bank can provide a true and accurate IBAN. If you use an incorrect IBAN then either the payment can be rejected or you may be subject to charges resulting from this

You should use your IBAN and BIC for invoicing and for instructing a foreign bank to make payments to an account. The IBAN and BIC should be given instead of your domestic account number and bank code for Euro cross border payments.

What details do you need to give when sending or receiving payments using IBAN ?

When receiving funds within EU & EEA, you should provide:
IBAN account number
BIC/SWIFT code of Institution
Bank name and Address

When receiving funds from outside Europe, you should provide:
Account number & Bank code or IBAN
BIC/SWIFT code of Institution
Bank Name and Address

From 1st January 2008 if an IBAN is used in a payment instruction the bank will treat the payment as a domestic transfer instead of an international payment. Banks are now required to use IBAN numbers when making payments in Euro within the SEPA region and are allowed to reject payments that do not contain all the required elements. Not providing an IBAN could lead to delays in payment and increased charges.

Will Banks outside of the Europe area accept an IBAN?

You can give an IBAN number instead of a domestic account number and bank code outside of Europe. All banks in the International Payments community should be aware of SEPA initiatives, even if they are not based within the SEPA region. They should therefore accept an IBAN and BIC instead of the usual domestic bank account number and Bank code.