IBAN guide

IBAN stands for International Bank Account Number. It is a new format for an existing bank account number that will be recognized internationally.

It’s a way of identifying a bank account which cuts down errors and delays in international payments.

The IBAN is a tool designed to increase the speed and accuracy of International Payments by adding a standard prefix to existing domestic account numbers. However, this is not a replacement for existing account numbers; the IBAN merely compliments what is already there. Additional characters will appear in front of the account number, including a 2-letter country code.

The information your beneficiary provides may or may not state the word IBAN, but must contain a two-letter country code which appears in front of existing bank code/account numbers, for example:

Austria = AT, Germany = DE, France = FR

These two letters will always be followed by a two-digit (check number) which should be obtained by the beneficiary Bank.

IBANs include all the necessary details for a receiving bank to apply the payment directly to a beneficiary's bank account without any manual intervention. An IBAN contains information relating to the country, bank and branch of the beneficiary as well as the account number itself.

It is recommended that IBAN numbers must be accompanied by the SWIFT BIC code of the beneficiary bank, as opposed to the name and address of the beneficiary bank.

IMPORTANT: Do not enter the Beneficiary’s bank name and address as well as the SWIFTBIC– this will delay payment as it will have to be manually checked that the SWIFTBIC is correct for the Bank Name and Bank Address quoted.

You may need to use an IBAN when you make or receive cross border payments for certain countries that mandate the use of IBAN for International payments.

When an IBAN is processed electronically, it must not contain spaces and must not include the word 'IBAN'.