When it comes to sending money abroad, you may need to be familiar with a variety of numbers and codes. One of which is an IBAN, an alphanumeric code designed to help banks in foreign countries identify an account. Every bank account in Ireland has an IBAN, which must be provided to a payee for them to send funds to your account. At the same time, if you wish to make an overseas payment to an individual or business, you will need their IBAN (provided they have one).
What does IBAN stand for?
IBAN stands for ‘International Bank Account Number’ and is part of a commonly used system around the world for sending money across borders. Over 70 countries have adopted the IBAN numbering system, although countries such as USA, Australia and New Zealand have their own systems. In addition, while some countries may require an IBAN to process an overseas transfer, some may simply recommend it.
How long is an IBAN number?
An IBAN consists of up to 34 alphanumeric digits and varies in length depending on the country in which the account is held, as well as which bank the account belongs to. In Ireland, your bank account will typically have a 22-digit IBAN. This will begin with the characters IE, followed by the numbers 29.
How do I find my IBAN?
Finding your IBAN number is relatively straightforward, although it depends on the protocols and procedures of the bank you hold an account with. You can typically find out your IBAN from your latest banking statement, or by signing onto your online banking platform. These will also most likely provide you with your account number and sort code as well. If you are unable to find your IBAN number, it is a good idea to contact your bank for assistance.
In addition, all Irish IBAN numbers will follow the same format. They consist of an ISO Country Code and two IBAN check digits, which are IE and 29, respectively, as mentioned above. These digits are then followed by a Basic Bank Account Number (BBAN), which is formed from a Bank Identifier code, a Branch Identifier code and an Account Number.
Example of an Irish IBAN:
IE29 ABCD 0123 4567 8901 23
Do I need an IBAN to make an international payment?
Provided that you are sending funds to a bank in a country that has adopted the IBAN system, you will need to know the IBAN of the person you wish to send money to. They should provide you with their full name, account number, BIC/SWIFT code and IBAN in order for you to process a payment to them.
If they are unable to provide you with the IBAN, you bank may be able to help discover the code by using their other info to locate the bank and account.
Sign up for a free account today and send money online using an IBAN or process your international transfer over the phone via one of our dedicated currency specialists.