Customers who want to get their International Bank Account Number, or IBAN, can visit Iban.com to calculate their Bank Identifier Code, or BIC and IBAN. Banks also provide this information on all correspondence.Continue Reading
Customers who want to decode their IBAN information can visit Xe.com or use the reverse IBAN function on the IBAN website. The decoded information includes their country, ISO country code, their bank and the bank number, in addition to their account number and transaction number.
The IBAN and BIC are used internationally to uniquely identify the account of a customer at a financial institution, to assist error-free cross-border payments and to improve the potential for straight-through payment processing. EU banks are legally required to provide their customers with an IBAN for each bank account.
The IBAN and BIC are the only beneficiary customer account identifier and bank routing designation accepted by banks in the EU/EEA area for all intra-EU/EEA euro cross-border credit transfers to the Single Euro Payments Area, or SEPA. All businesses and individuals making or receiving cross-border payments in Europe are required to use their IBAN and BIC.
The use of IBANs extends beyond Europe. Pakistan, Palestine, Jordan, Israel and Saudi Arabia are just a few of the non-European countries that have adopted IBANS, as of 2015. Others include Lebanon, Kuwait, Qatar, Guatemala and Brazil.Learn more about Banks