What is an IBAN

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Tevcy

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Apr 6, 2018
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#1
What is an IBAN
IBAN stands for International Bank Account Number and is a number attached to all accounts in the EU countries plus Norway, Switzerland, Liechtenstein and Hungary. The IBAN is made up of a code that identifies the country the account belongs to, the account holder's bank and the account number itself. The IBAN makes it easier and faster to process cross-border payments.
How is an IBAN constructed
The number comprises maximum 34 alphanumerical characters, which are structured as follows:
Two letters representing the home country of the account-holding bank (ISO 3166 country code with two letters, e.g. IE for Ireland)
Two numbers that are a control key
Maximum of 30 alphanumeric characters that identify the bank and the ordinary account number
An IBAN in Danske Bank
An IBAN in Danske Bank consists of 22 characters, which comprise the ISO country code + control key + sort code + the ordinary account number of 8 digits.
Below is an example of how and IBAN is constructed for a fictional account in Danske Bank, using sort code: 951501 Account Number:12345678
Example: Country code Control No. Sort code Account No.
IE 08 DABA951501 12345678
How do I get an IBAN
The bank assigns an IBAN to each of your accounts. You cannot automatically calculate an IBAN yourself, as each bank might have different methods of registering their account numbers in the IBAN. The IBAN appears on account statements and in the bank's online systems.
What is a BIC
A BIC (Bank Identifier Code) identifies the beneficiary's bank quickly and easily.
SWIFT owns and administers the BIC system. The BIC is the same as the bank's SWIFT address.