When you make a cross-border transaction, the characters that make up your IBAN number are run through the payments system used by your bank. The BBAN information will typically include a bank code and branch reference, as well as the account number-although formats can differ across IBAN regions. The remaining numbers are domestic banking details, also known as your Basic Bank Account Numbers (BBAN). The next two digits are control checks, acting as a security layer specific to your bank. They begin with a two-letter country code-such as ‘FR’ for France and ‘DE’ for Germany. IBAN characters, explainedĮach character set of an IBAN number shares a specific piece of information with banks. IBANs can only be used to send or receive funds, and they can’t be used for other transactions, such as cash withdrawals. This added level of coded security reduces transaction errors, rejected payments, and transfer delays across borders. Separate from your account number and sort code, they include information about the account holder’s specific bank, the country that this bank is in, and a combination of other account details. Readers interested in discovering the best value deal for their global remittance, should use our comparison tool to find out more.The IBAN system was designed to simplify the transfer of money overseas-but they’re used in some countries for domestic transfers as well. This guide has been written in an attempt to present the basic information required for a customer to issue a successful international money transfer, albeit through a bank or with a money transfer service like the ones listed on our companies page. Verify the results of an IBAN converter by using an IBAN checker to make sure the correct bank or financial institution has been selected. How to convert an IBANĭepending on the country you are located in IBAN conversions will be conducted by requesting some, or all, of the following information:ĭue to technological advancements, free online converter tools are designed to take this limited banking information and convert it into the IBAN required to successfully process cross-border transactions. If you are making an international payment to a bank account in any of the 80 countries that use IBAN numbers, you may be required to provide this information.Īnother globally recognized, standardized method of identification when making international payments is BIC or SWIFT codes.īoth SWIFT codes and IBANs are crucial components of transferring money to a foreign country and both systems have effectively enhanced the process of sending cross-border money transfers.Īn IBAN converter works much like an IBAN calculator as it uses information such as the national bank account number - also known as the Basic Bank Account Number or BBAN - to convert bank details into the relevant International Bank Account Number. Verifying your beneficiary’s IBAN number will determine the difference between a payment arriving safely at its destination or getting lost in the system.Īlthough the format differs country to country, IBAN numbers will contain the following information: It is used to identify the account of a customer at a bank when sending money from an account in one country to an account overseas. An IBAN is an alphanumeric code consisting of the bank name, branch, routing code and account number. The IBAN, or International Bank Account Number, has been designed to reduce transaction errors when transferring money internationally. South Georgia and the South Sandwich Islands.
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