IBAN is the abbreviation of international bank account number, and it is the bank account number established by European Banking Standards Committee (ECBS) according to its standards. The bank accounts of the member countries participating in ECBS have corresponding international bank accounts. You can contact your bank to get the IBAN number. The IBAN number is a 34-bit string at most. Besides, banks in China don't have IBAN numbers. The numbering rules of IBAN include country code+bank code+region+account number+check code. When the IBAN account is not used in the euro zone, an additional manual intervention fee will be charged.

To handle the euro payment business of personal overseas remittance, the remitter must be required to provide the correct and complete IBAN account number of the payee, so as to ensure the direct processing of European banks. For indirect processing business, inquiry and late payment may be caused. If the information is incomplete, foreign banks will charge different amounts of indirect processing fees, which will be borne by the remitter.

Iban is the abbreviation of international bank account number, which is used to confirm the bank account and the country and bank where the account is located. Because the financial systems in the world follow different standards, IBAN is used in different regions. For example, in China, banks send money to other countries. For example, if you remit money to Germany, you only need to provide the IBAN code of the receiving bank.

What's the use of iban account?

If the remitter fills in the iban account number when remitting money to the euro zone, the SWIFT system will automatically handle the business. Because the iban account number has obvious signs such as the country and the receiving bank, there is no need for manual intervention, so the remittance speed is fast. However, when you send money to the euro zone, but you fill in an ordinary account number, the SWIFT system will be slow to identify this business, and it needs manual participation to confirm which country and bank the remittance is in the euro zone. One of the adverse effects is the slow remittance speed, and the other is that labor costs may be deducted and the cost is higher.

The difference between iban account number and bank account number

As can be seen from the above points, iban account number is a kind of bank account number. However, iban account number is a special collection account number for euro zone countries. This is because the euro zone is composed of many countries, and SWIFT system can quickly identify the country where the payee is located through the special structure of iban account number, thus improving efficiency; Instead of the euro zone, countries are clear at a glance and no further distinction is needed. So in other countries and regions, there are no iban accounts, only ordinary accounts.

It is suggested that when you remit money to the euro zone, remember to ask the other party to provide the iban account number instead of the ordinary collection account number; If remittance is made to a non-euro area, you can fill in an ordinary account number.