What is IBAN number?
IBAN, is the acronym of International Bank Account Number and is an internationally accepted unique number that is used to identify international bank accounts.
IBAN is a numeric identifier that includes information as bank account and country. It is used from overseas banks and financial institutions to identify international payments and helps so the process of overseas payments and money transfers to be completed quickly and accurately.
An IBAN includes the following codes:
Functions of IBAN number:
IBAN number in combination with the SWIFT number allows the banks or other financial institutions to recognize quickly the country of origin of the bank and branch that is going to receive the money and also minimizes the possibilities of errors in international bank transactions.
From 2014 it is required for the transactions between the European countries making easier to see to which country the bank is located as the first 2 digits of the IBAN number pinpoint the country of origin. (CY for Cyprus)
Additionally, IBAN number is used to lower costs of international transfers between European countries. However, many countries outside the EU participate in the IBAN system like Brazil, Morocco, Turkey, Saudi Arabia.
How you can find your bank accounts’ IBAN?
You can find your IBAN on your bank statement or the on-line banking system or on the bank certificate which is issued from the bank once the bank account is opened.
Globalserve consultants Ltd is a reputable authorized introducer to several banks in Cyprus and abroad providing bank account opening internationally. All banks cooperated with us provide SWIFT code and IBAN number for your overseas transactions.