IBAN Reference
The International Bank Account Number (IBAN) is an international standard for numbering bank accounts. The IBAN uniquely identifies a customer’s bank account through a structure that is unique to each account holder. The account holder’s financial institution assigns the unique IBAN. Use of an IBAN improves the efficiency and speed of international wire transfers. In January 2007, IBANs and Bank Identifier Codes (BIC) became mandatory for international wire transfers to participating countries.
International wires that are processed without a proper IBAN and BIC could be refused, delayed, or assessed processing fees by the beneficiary’s financial institution. To avoid this, use an IBAN for wire transfers to the following countries:
| Andorra | France | Lithuania | San Marino |
| Austria | Germany | Luxembourg | Serbia and Montenegro |
| Belgium | Gibraltar | Macedonia | Slovak Republic |
| Bosnia and Herzegovina | Greece | Malta | Slovenia |
| Croatia | Hungary | Monaco | Spain |
| Cyprus | Iceland | Netherlands | Sweden |
| Czech Republic | Ireland | Norway | Switzerland |
| Denmark | Italy | Poland | Tunisia |
| Estonia | Latvia | Portugal | Turkey |
| Finland | Liechtenstein | Romania | United Kingdom |
The IBAN is composed of a two-character International Organization for Standardization (ISO) country code, a two-digit IBAN check digit, a bank identifier, a branch identifier (if used) and an account number. IBAN codes are a maximum of 34 alphanumeric characters.
The following is an example of an IBAN used in the UK: GB29NWBK60161331926819
- GB = Country code
- 29 = Check digit
- NWBK = Bank code – first four characters of SWIFT code
- 601613 = Bank sort code – U.K. sort code
- 31926819 = Account number
Below are examples of IBANs used in other countries. The length of each IBAN is in parentheses.
| France (27) | FR1420041010050500013M02606 |
| Germany (22) | DE89370400440532013000 |
| Greece (27) | GR1601101250000000012300695 |
| Ireland (22) | IE29AIBK93115212345678 |
| Italy (27) | IT60X0542811101000000123456 |
| Netherlands (18) | NL91ABNA0417164300 |
| Norway (15) | NO9386011117947 |
| Spain (24) | ES8023100001180000012345 |
| Sweden (24) | SE3550000000054910000003 |
| Switzerland (21) | CH3900700115201849173 |
| United Kingdom (22) | GB29NWBK60161331926819 |
Frequently Asked Questions
Q.What is an IBAN?
A. International Bank Account Number (IBAN) is an International Organization for Standardization (ISO) criterion for bank accounts. The IBAN is composed of a two-character ISO country code, two-digit IBAN check digit, bank/branch identifier and account number. IBAN codes are a maximum of 34 digits long. IBANs are a global standard for account numbers that uniquely identify a customer’s bank account.
Q.What is a BIC?
A. The Bank Identifier Codes (BIC), sometimes referred to as the Society for Worldwide Inter-bank Financial Telecommunications (SWIFT) code (both terms are used interchangeably), is a unique identifier for financial institutions. The BIC is used as the international standard for identification of financial institutions in a payment chain.
Q.What will happen if I do not quote a BIC and IBAN on my wire transfer form?
A. Any bank that receives a payment without the necessary BIC and IBAN information will be entitled to reject that payment and return the funds to the sending party, in addition to charging a fee. Some banks may still choose to process payments without the BIC and IBAN, and continue to charge an additional service fee.
Q. Who is responsible for issuing IBANs?
A. The account-holding bank is responsible for issuing IBANs to its customers.
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