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)
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.