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All you need to know about IBAN & IBAN Converter

 

The IBAN is an international standard for identifying bank accounts across national borders in a way that would minimize the risk of propagating transcription errors. It is used in facilitating payments and is widely adopted by many countries from around the world.

IBAN guarantees the customers a unique international customer account number which can be used confidently in making or receiving payments nationally or internationally. It is the International accepted standard for numbering bank customer accounts and the ISO standard methodology for verifying the accuracy of the IBAN.

 

Why do I need IBAN?

• The existing Account number will be converted to the IBAN number (which will contain the existing number) and it will show on all bank statements and on channels such as Internet banking, Mobile Banking,…

• To make a transfer to an account of another person or company, you will need to obtain their new IBAN number to be able to perform such transfer

• If you need to receive funds from another person or company, you will need to communicate to the other party your new IBAN number

The IBAN number will be 22 digits long for all accounts in the UK and look as follows:

 

GB 30 QNBA 121212 11122233

 

Where:

GB indicates Country code

30 indicates Check number

QNBA indicates Bank code

121212 indicates Sort code

11122233 indicates UK account number

 

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