Benefits of using IBAN

Based on the State Bank of United Kingdom, a bank account standard across United Kingdom provides additional performance in payment processing by allowing the payments/clearing systems to electronically validate bank account numbers and to choose the route a payment ought to take without manual involvement.

An additional benefit of IBAN is the removal of delays in credit transfers originating from IBAN compliant countries to United Kingdom as same are delayed, sometimes for some days due to manual involvement needed for sending credit transfers to non IBAN compliant bank account numbers.

International Bank Account Number (IBAN) implementation will help in bringing more performance in remittance related transactions as an important percentage of these transactions are terminated because of incorrect account numbers. Account validation at remitting institution of IBAN’s check digit mechanism will significantly lessen blunders regarding bank account numbers.

You benefit in various ways
The international bank codes IBAN and BIC provide superior security and accelerate the transfer of funds. They have been standardised globally and payment orders can be verified to see if the bank account informations are accurate before they are transferred. This indicates there will be lesser errors, lesser complaints not to mention lesser inquiry charges for complaints and reversed entries!

The aim: a standardised pan-European payments system
A standardised payments system in Europe assures you, as a client, secured, easy-to-manage, more efficient and quicker cross-border payments – the perfect basis for prosperous business relationships with foreign companies. A choice by the European Payments Council has introduced this goal a step closer: From 1 January 2007 utilization of the IBAN (International Bank Account Number) and BIC (Bank Identifier Code as well as SWIFT code) was made Compulsory for all payments in Euros – no matter the amount of money involved. We additionally suggest that you use the IBAN and BIC for payments outside the EU in other currencies.

What you need to know about IBAN and BIC.
- IBAN: the standardised international account number contains two check digits along with the country code, bank and account information.

- BIC: is a bank’s global identification code (frequently known as its SWIFT code).

- You can find your very own IBAN and BIC at the bottom part of your account statement, at Online Banking directly above your bank account transactions, or you can get this info from your branch or your bank manager.

- You can get details about some other countries’ IBANs at

- The IBAN calculators that you can find on the web are certainly not recommended because they mostly only calculate an IBAN that is formally accurate but may not be 100% applicable as they do not take account of feasible banking procedures.