How to find an IBAN number

What is an IBAN number?

The acronym IBAN stands for International Bank Account Number. Just like domestic account numbers, they are unique to your account, and ensure that any funds come to you, rather than to anyone else. An IBAN number contains a specific format of multiple numerals that verify your digital identity, to reduce the risk of fraud, rejected payments and transfer delays.

They’re available to both businesses and individuals, and are used as an extra layer of protection for transfers, in addition to your account number, rather than replacing it. They’re only used when receiving payments, not when you’re withdrawing funds.

The system was introduced as the international standard in 1997, and has been adopted by many countries all over the world, particularly in Europe. However, it’s important to note that they’re not used by every country – currently, around 79 countries use an IBAN for international transfers.

How can you find an IBAN number?

If you’re wondering how to find your IBAN number, there are several options available to you. Firstly, you can look at your bank account statements – many banks will include an IBAN at the top, along with your standard account details.

If you don’t receive paper statements, then log on to your online banking account, and see if your bank provides you with your IBAN details in your account profile, or on any electronic statements. If they don’t, then contact your bank directly, and they’ll be able to generate your IBAN for you.  Some banks also have automatic IBAN generators for their customers, where you can enter your sort code and account number into an online tool.

How do you find out someone else’s IBAN number?

There are times when you’ll need to know how to find the IBAN number of an account that is not your own. For example, when you’re making a payment, you’ll want the other person’s IBAN number to help your payment get to the correct account.

The best way to do this is to ask – if they’re not sure of their number, ask them to contact their bank, rather than trying to work it out yourself. If they seem unsure or you just want to double check, you can use an online verification tool.

What does an IBAN number look like?

IBANs vary in length across the world, with the longest IBAN being 34 characters and digits – so you’re looking for a number that is significantly longer than your account number. They are generally made up of:

• A country code

• A check number (denoting whether the payment is valid or not)

• A bank identification number

• Your account number and sort code mixed together

It’s important to note that not all IBANs include the same information, so there’s no need to be concerned if you get a number from your bank that doesn’t include any digits from your sort code. If you want to be 100% certain, you can check how many digits are in an IBAN number from your country online.

What happens if I get the IBAN number wrong on my transfer?

Mistakes happen, and sometimes IBAN numbers are incorrectly typed, or the wrong code is given out. If this does happen, there are two possible outcomes. One, the number that you type in does not exist for any account in the world. In this case, your payment will simply bounce and the funds will not leave your account. However, you may receive a penalty charge for this transaction from your bank.

Secondly, if you accidentally type a code that does exist – but is just not the code of your intended recipient – the payment will go through as normal and the stranger will receive your money. They can notify their bank, but unless there is an automated process for flagging unexpected payments, or they check their accounts regularly, they may not notice. Unfortunately, you cannot get the money back without their permission. If you realise that you have sent funds to the wrong recipient, contact your bank immediately.

What is the difference between an IBAN number and a SWIFT code?

If you’ve done an international transfer before, you may remember being asked for your SWIFT code, as well as an IBAN. The difference is that a SWIFT (Society for Worldwide Interbank Financial Telecommunications) code simply refers back to your bank more generally, whereas the IBAN provides information about your bank and your specific account. An IBAN is therefore longer, since it contains more information. Additionally, a SWIFT code is a compulsory requirement for an international transaction – whereas an IBAN is an optional extra, to make the process smoother.

There’s a difference in how they’re assigned, too. A SWIFT code is also given to the bank by a central organisation, whereas your bank will issue your IBAN directly to you, as the account holder, based on the account information they hold.

Transferring money with WorldRemit

Transferring money abroad can be a stressful process, but it doesn’t need to be. At WorldRemit, we want to help you get your money where it needs to go safely, affordably and quickly. Simply set up an account, and follow the three steps below – it’s as easy as that.

1. Choose the country your recipient’s account is in, enter the amount you want to send, and select how the recipient will be paid

2. Enter the recipient’s details

3. Choose whether you want to complete the transaction via bank transfer to WorldRemit, or directly with your payment card

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This communication is intended for marketing purposes only and does not constitute or provide legal, tax, investment or financial planning related advice.