When sending money to a bank account in another country, you may need the recipient’s IBAN. Made up of several letters and numbers, IBANs provide a standardised way for banks to locate each other across the globe.
At Remitly, we understand how important it is to support loved ones back home after settling into a new country. That’s why we’ve created this straightforward guide to IBANs, so you can make transactions with confidence.
What is an IBAN?
An IBAN (International Bank Account Number) can contain up to 34 characters, including letters and numbers. While an IBAN may appear as a random string at first glance, it actually follows a standardised format that conveys key information.
- The first two letters identify the country, e.g., “GB” for the United Kingdom, “FR” for France, or “DE” for Germany.
- The next two digits are check digits used to verify the IBAN’s validity.
- The remaining characters indicate the bank and the specific account within that bank.
IBANs are widely used in countries across Europe and beyond to simplify international money transfers and reduce errors.
Why Do I Need an IBAN to Send Money Abroad?
You’ll need a recipient’s IBAN if:
- They live in a country that participates in the IBAN system, and
- You’re transferring money directly to their bank account.
For example, if you’re sending funds to a family member in Pakistan, an IBAN country, and choose “Bank Deposit” as the delivery method on Remitly, you’ll need their IBAN.
However, you won’t need their IBAN if you opt to send money to a mobile money account or cash pickup location, which are other delivery options available in many countries.
If you’ve moved to an IBAN country and need to receive money, you’ll also need to provide your IBAN to the sender.
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How Do I Find My IBAN?
You can locate your IBAN in the following ways:
- Bank Statements: Check your paper or online statements.
- Online Banking: Log in to your account through your bank’s website or mobile app. The IBAN is often displayed in your account details.
- IBAN Calculator: Many banks provide online tools to generate your IBAN based on your account number and sort code.
If you’re sending money, ask your recipient for their IBAN. If they don’t know it, they can contact their bank.
Tip: Always double-check the IBAN for accuracy. A single incorrect digit could cause delays or failed transactions.
FAQs About IBANs
What’s the difference between an IBAN and a SWIFT code?
An IBAN identifies a specific bank account, while a SWIFT code identifies a bank. Some transfers may require both.
Do all countries use IBANs?
No, not all countries use IBANs. The system is most common in Europe, the Middle East, and parts of Asia and Africa. Check with your bank or Remitly to confirm if the recipient’s country requires an IBAN.
Can I transfer money without an IBAN?
Yes, if the recipient’s country doesn’t use the IBAN system or if you’re sending money via other methods, such as mobile wallets or cash pickup.
Is it safe to share my IBAN?
Yes, sharing your IBAN is generally safe. It’s used only for receiving payments and cannot be used to access your account without your authorisation.
What happens if I use the wrong IBAN?
Entering an incorrect IBAN may result in the transfer being delayed or rejected. In some cases, the funds may be sent to the wrong account, making recovery difficult. Always verify before sending.
