In today’s episode of MyCurrencyTransfer TV, we help you understand the international payment process clearer by giving an explanation on; ”What is an IBAN number?”
Good morning & welcome to another edition of MyCurrencyTransfer.com TV. Today, we will answer a question we get asked often by visitors, namely: What is an IBAN number?
When you book in an international money transfer with your bank or foreign exchange broker, you are typically issued with a deal or trade notification. This will typically outline your trade details, settlement instructions to the broker & a request for the beneficiary details – i.e. the bank account you are making an international payment to.
IBAN stands for International Bank Account Number. It is an international standard for displaying a bank account number and designed to simplify, make accurate & ensure fast international payments. As well as sort code & account number, you’ll need to know the person or company you are sending money to IBAN (International Bank account number)
So, what is peer to peer foreign exchange?
On the board, you can find examples of IBAN numbers –
the one’s listed below are displayed in sets of four characters:
FR14 2004 1010 0505 0001 3M02 606
GB29 NWBK 6016 1331 9268 19
Where can I find my IBAN number?
If you are expecting money from someone abroad, you will be able to find your own IBAN number on your itemized bank account statements. Failing that, visit your bank or call your local bank manager who will be able to provide you with your IBAN.
Check, Check & Check again the IBAN number
Get the recipients IBAN number. He or she must have this to hand and will provide this to you prior to making your payment.
Lastly, triple check all the details when providing them to your currency broker or online money transfer company. You don’t want funds being transferred to the wrong account. At best, you will have to pay a fee to change the details & at worst, it could be very difficult getting your money back.
So, we hope that gives a good overview on IBAN numbers. If you have any thoughts or questions on today’s MyCurrencyTransfer TV, feel free to tweet me @dan_currency
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