Debitoor's accounting dictionary

IBAN - What is an IBAN?

IBAN is a code used to identify an account in international bank transfers

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Your IBAN is unique to your bank account when used for international transfers of funds. The acronym stands for International Bank Account Number and provides the information identifying which account money is sent to in a transfer.

An IBAN is used in conjunction with a SWIFT/BIC code, which serves to identify the bank, the location, and the branch.

An IBAN in the UK provides your account number combined with a check number, partial sort code, bank code, and the addition of two letters that correspond to your country, for example, GB for the UK.

What is the purpose of IBAN?

The IBAN is used to identify the bank account receiving funds. Combined with the SWIFT code, which identifies the bank and branch, the IBAN number helps to prevent errors in international transactions.

IBAN became required across the EU in early 2014, making it easier to see in which country a bank account is located. However, IBAN lengths vary depending on the number of digits in a bank account for a given country. Only the digits outlining the country are standardised.

An additional function of IBAN is to lower the costs of international transfers, especially within Europe as a part of the Single Euro Payments Area (SEPA), which aims to make electronic transfers as simple as cash transactions within Europe.

Find your IBAN

You can find your personal IBAN on your bank statement or in your online banking account. For a small business, an IBAN can be important information to provide to customers if expecting payment from abroad.

IBAN and Debitoor

Keep track of your important banking information in your Debitoor account to get paid faster. Enter your details once and then choose whether to include your IBAN in each new invoice you create.

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