International Bank Account Numbers (IBANs) and Bank Identifier Codes (BICs)

IBANs and BICs are crucial for international money transfers. An IBAN uniquely identifies a bank account within a specific country, while a BIC (also known as a SWIFT code) identifies the bank itself.

IBAN Structure and Purpose

The IBAN is a standardized international bank account number format. It comprises a country code, a check digit, and the national account number. The format and length vary depending on the country. The check digit ensures the accuracy of the IBAN during electronic transmission.

BIC Structure and Purpose

The BIC (Bank Identifier Code) is an eight or eleven-character code that identifies a particular bank branch globally. The code facilitates swift and accurate international transactions by identifying the receiving financial institution. While not always required for domestic transfers, it is essential for international payments.

Locating Your IBAN and BIC

Bank Statements and Online Banking

The simplest method is to consult your bank statements or online banking platform. Your IBAN and BIC will typically be displayed prominently on your account overview or transaction details.

Contacting Your Bank

If you cannot locate your IBAN and BIC through your bank's online services or statements, contact your bank's customer service department. They can provide this information quickly and accurately.

Bank Website

Many banks provide IBAN and BIC retrieval options directly on their websites. These options may require logging into your online account.

Importance of Accuracy

Ensure the accuracy of both your IBAN and BIC when making international payments. Incorrect details can lead to delays or failed transactions.