FAQ

QUESTION

ANSWER

What is an IBAN

The IBAN (International Bank Account Number) is a standardised way to allow overseas banks to easily handle the account number and bank identifier of a beneficiary in another country.

What makes up an IBAN

The IBAN consists of the following elements

a)       country code

b)       check digit

c)       bank code

d)       bank sort code

e)       account number - this equates to 22 digits

Why it is important

Offers the banks and corporates involved in cross-border payment transactions a simple method of checking the validity of the beneficiary’s bank account number.

Who needs an IBAN

UK Bank customers who are likely to receive or make payments overseas.

Who issues the IBAN

The account holding institution should issue the IBAN.  The IBAN would be derived from the customers existing domestic account number and sort code.

If you have a question contact

Kathy Ryan

T: 020 3217 8319

E: Kathy.ryan@ukpayments.org.uk

Which countries issue IBANs

Copies of the Registry ISO13616 can be obtained at http://www.swift.com/index.cfm?item_id=61332