What is IBAN number

IBAN Number structure

A typical IBAN is made up of a string of symbols that each stand for a step in the transfer of funds. Every country uses a similar format, however different locations use different numbers of digits.

 Some nations employ 20 characters, whereas others employ only 15 characters. The most characters that a nation can utilise for the IBAN is about 34.

An example of the structure of IBAN is given below:

IBAN for France: FR1420041010050500013M02606

IBAN for Spain: ES9121000418450200051332

As you can see, the IBANs for both the countries mentioned are different. Similarly, different countries will have different IBANs.

Country code – The code of the country or the place

Digit code – By initial city or town in the country.

Bank identifier code – Code set up by individual banks of the city or town.

Branch code – Code issued to an individual branch of the bank.

Account number – Depends on the person’s personal details.

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Difference between IBAN and Swift Code

Given below are the differences between IBAN and Swift Code:

IBAN	Swift Code
IBAN aids in locating a specific account that is linked to the bank during internal money transfers	When there is a transfer process, a bank is identified by a Swift Code
IBAN expressly verifies that the transfer's specifics are accurate. It has a two-digit country code, which consists of digits followed by alphabetic symbols	Swift Code has 8-11 characters. Each code specifies the name, branch, and the location of the bank

Both are crucial for the process of sending money abroad because they are standardised and widely accepted.

Both are critical for money transfers and are essential for the smooth operation of the internal financial market.

IBAN is used by the majority of European Union nations to verify international remittances.

 The SWIFT Code is used in the vast majority of internal fund transfers conducted worldwide. Also, it serves as a messaging platform for banks to communicate financial information such account statuses, debits, and credits.

 For international money transactions, access to both IBAN and Swift Code is required.

FAQs on What is IBAN number

• What is the location of my IBAN number?

  IBAN can be found on paper bank statements or institution prints. If you use online banking to make payments, you can also locate it in your account information online. You can log in and locate your code in the statement if you have an application. If you don’t find the numbers in these locations, then contact your bank for the number.

• Are IBAN and account number the same?

  No, the two are distinct. An IBAN can be distinguished by the characters used in the number. The standard numbering scheme for IBAN uses codes and characters. Although it indicates the specific account number to be transferred, it is not the actual account number. It is mostly used to pinpoint the specific account that is involved in the deliberate transaction. The internal transaction method is validated by IBAN. An account number is a special number that the bank has assigned specifically to the customer.

• Which nations utilise IBAN?

  IBANs are widely used throughout the world for internal money transfers. There are a number of nations where IBAN is required, including Andorra, Austria, Bahrain, Belgium, Bosnia, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Faroe Islands, Finland, France, Georgia, Germany, Gibraltar, Great Britain, Greece, Greenland, Guernsey, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Jordan, Kazakhstan, Kuwait, Latvia, Lebanon, Liechtenstein, Lithuania, Luxembourg, Macedonia, Malta, Moldova, Spain, Portugal, Poland, etc.

• How can I send money to a certain IBAN number?

  The transfer procedure is quite easy. The name of the person and the bank account are among the banking information that must be entered. This also contains the recipient's account number. The sender must request the IBAN from the bank or obtain it from the website. Every number starts off with a unique country code. The following two digits will be assigned by the designated bank. This is followed by the recipient's account number and bank identification code. The amount must be entered by the sender in the recipient's currency. Wire transfers will be used to start the procedure.

• Can I transfer funds without an IBAN?

  Not every bank and nation in the world use the IBAN for money transfers. Indeed, sending money with IBAN is a practical method of transfer. If there isn't any other choice, you can still employ other transfer methods. The two key codes you can use when sending money overseas are SWIFT and BIC. The most popular choice for internal transfers is Swift Code.

• Is IBAN and IFSC code same?

  Nevertheless, since India doesn't use IBANs to receive money from abroad, the IFSC code and IBAN are not the same. Consequently, you must instead locate the SWIFT code if you want to send money particularly to India.

• Have Indian bank accounts been assigned a SWIFT code?

  Each branch of Indian Bank has its own distinct SWIFT code. The appropriate SWIFT codes for your Indian Bank branch can be verified here. If you're unsure or unable to locate the branch code, you can still receive payments by using the 8-character SWIFT code for the head office.

• Is IBAN recognised in India?

  Not all nations have included IBAN into their systems for handling foreign payments. IBAN numbers are widely used in Europe for international money transfers, however India has not yet embraced the practise. IBANs can have a length of up to 34 characters, but this varies from nation to nation.