Jargon Busters

What is an IBAN number?

IBAN represents International Bank Account Number. It’s a standardised way to identify a bank account and used to facilitate the processing of cross-border transactions without error. It consists of up to 34 characters.

This is a sample format of a UK IBAN number:
GB 29 NABK 6016 1221 9458 18

IBAN’s are always used together with a Bank Identifier Code (BIC) – which identifies bank and branch number.

Be sure to have your recipient’s IBAN and BIC details when making an international payment. On the CurrencyTransfer.com platform, you can store these details as simple as adding a new Skype contact online. Just click on the recipient tab.