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What is an IBAN used for?

April 26, 2017IBAN Used

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What is an IBAN used for?

1 Answer

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10 Posted

It is for use as a substitute for an account number when making or receiving cross-border EU/EEA payments. The IBAN uniquely identifies the account to be credited. You will be asked to use an IBAN & BIC when settling invoices and you should quote this information on your invoices to avoid your counterparts asking you for this information and thus delaying your payment. The IBAN includes a verification element that checks the content of the IBAN to ensure that the sender has quoted your IBAN details correctly. Banks in the EU have to check this verification element & ensure it is correct before the payment is sent.