Sending or receiving payments
You will always be required to provide the IBAN and BIC of the beneficiary whenever you are sending or receiving payments within the SEPA region. Otherwise you may well encounter slow payment or be charged by the bank for correcting the payment data. It is required that you quote the IBAN in the account number field of the payment order instead of the domestic account number for cross border transactions although some countries will soon require the use of IBAN for domestic payments as well.
If you want to receive a payment from the EU, you have to send the following bank coordinates to the sender. The IBAN already has the account number embedded, so there is no need to quote the basic account number to the sender.
Beneficiary Name: Mr. Piet Pietersen
Beneficiary Address:
Principale 1, Belgium, Brussels,
DE 60222
Bank Name & Address:
ABN AMRO Bank N.V.
Regentlaan 53
B-100 Brussels
BELGIUM
Account no or IBAN : BE32 7205 4056 0602
BIC/SWIFT: ABNABEBR
Algorithm to generate IBAN Account Numbers
The most common algorithm that is used to generate or calculate IBAN is Mod97 (ISO 7064) which is mostly applied in the banking industry. The scheme produces two digits as a check or control digit. This allows the users to confirm that the IBAN has been transposed correctly, however it doesn't allow any validation on the length or data within the IBAN. This can cause issues when there are bank mergers, changes in codes and ensuring that the corresponding BIC is still valid.