An IBAN number can be used for international bank transactions

VIDEO: What is an International Bank Account Number (IBAN)?
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If you plan to someone in another country, you'll likely need to know their IBAN.
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  • An international bank account number (IBAN) is an identification number for sending money to international bank accounts.
  • An IBAN is used in more than 70 countries and primarily in Europe.
  • Ask the recipient for their bank information beforehand, and verify it before sending any money.
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Some countries require more detailed bank information to send money internationally. If you're sending money to a relative in Europe, you might need their international bank account number (IBAN). 

An IBAN is an identification number used in international banking to send money to certain international bank accounts. IBANs are used by more than 70 countries, including most countries in Europe. 

IBANs have a specific structure and may be anywhere from 15 to 32 characters long. All IBANs should have the following parts:

  • Country code: This is the beginning of an IBAN. It will be two digits long and identify the country where you are planning to send money. 
  • Two-digit verifier: This number helps with making sure the transaction goes through.
  • Bank identification: This number should identify the bank of your recipient.
  • Beneficiary account number: This number is your recipient's bank account number. 

Shalin Peck, vice president of Scient Federal Credit Union, says IBANs are meant to make it easier to send remittances since detailed information is being provided.

IBANs are used to make international wire transfers. Most people use international wire transfers to send remittances to family members abroad. However, an IBAN may also be needed to make international business transactions. 

There are several ways to send international wire transfers. The easiest way is to send money through your local bank or credit union. You may also send money internationally through online services like Wise or Payoneer.

If you are sending money internationally through your bank, a banker will be able to help guide you on how to make an international wire transfer. 

How to find an IBAN 

The easiest way to find the correct IBAN is to ask your recipient for their bank account information. They should be able to log in online or check their bank statement to tell you their IBAN.

Once you have your recipient's bank account information, you'll need to verify it with the institution you are using. If you send an international wire transfer incorrectly, you might have to pay a fee.

You can also use this chart to give you a general idea of whether the IBAN is correct. The chart below uses information from the IBAN registry published by SWIFT.

Sophia Acevedo is a banking reporter at Business Insider. Sophia joined Insider in July 2021. She writes bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).Sophia is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email [email protected].Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:

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