What is an IBAN? How to find and use one.
When you send money to a bank account in another country, you may need your recipient’s IBAN. Made up of various letters and digits, IBANs provide a standardized way for financial institutions to locate each other around the world. IBAN stands for International Bank Account Number.
What really is an IBAN code?
An IBAN , or international bank account number, can contain up to 34 letters and digits. While an IBAN may seem like a randomly assigned code at first glance, each one follows a standard format that conveys key information.
The first two letters identify the country, for example, “PK” for Pakistan, “SA” for Saudi Arabia, and “GB” for the United Kingdom. This is followed by two check digits, which are used to confirm the validity of the IBAN. The rest of the IBAN conveys the specific details of a person’s bank account, and the length and format of this section will vary from country to country.
IBANs are used in dozens of countries around the world to make transferring money abroad an easier and more foolproof process.
Why do I need an IBAN to send money home?
When making an international money transfer, you will need to know the IBAN of your recipient if:
Live in a country that participates in the IBAN system, AND
You are sending money directly to their bank account.
So let’s say you’re using Remitly to send money to a family member in Pakistan, which is an IBAN country. If you select “Bank Deposit” as your delivery method, you will need to enter your loved one’s IBAN. On the other hand, you won’t need their IBAN if you’re sending the funds to their mobile money account or a designated cash pickup location, which are the other two delivery methods available to Pakistan.
Likewise, if you’ve moved to an IBAN country and are looking to receive money into someone’s bank account in your country, you’ll need to tell the sender what your IBAN is.
How do I find my IBAN code?
You can find your IBAN in the following way:
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Look at your bank account statements.
Sign in to your account through the bank’s website or mobile app and look up the IBAN there.
If this doesn’t work, you can also use the IBAN calculator to find out your IBAN; depending on the country you are in, you may need to know your account number and some other information.
When it comes to sending money abroad, you will need to ask your recipient for their IBAN. If they don’t have it handy, they can simply contact the bank to find out what it is.
It is always a good idea to check that the IBAN is 100% accurate. Because an IBAN is made up of so many digits, it’s very easy for you or your recipient to make a small mistake when recording or entering it, and that will cause problems during the transfer. Once you have verified that each digit is where it should be, you can go ahead and send the money where you want
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