IBAN - what is it? What does the IBAN number of the Bank?

If you for once in my life had to make transfers of funds to the European countries, the concept of “IBAN code” you know. To call it you need the sender for processing the transfer. To know the IBAN number, enough to come to any financial institution and open a current account. Employees of some financial institutions can recommend the sender with the SWIFT code, which you can also get a translation. Then why there is a need for an IBAN? What is it? And why it is not available in all banks?

Basic information

Above we have identified that to perform international money transfer IBAN is required. What is it - let's find out. This code is an international current account number each customer. His draw up in accordance with international standards assign a number to the accounts for the EU countries and some other countries.

Since 2007, this code was a unique official identifier for the beneficiary account through which the transactions to transfer funds to customers of the Bank located on the territory of economic zone of the European Union, in any currency. Over time, it began to use and other countries. Now the number of States using code, increased to 62. But in Russia such standard accounts does not exist in the banking system, so banks and denied his extradition.

For the citizens of Russia IBAN account number may be required when carrying out money transfers in EU member States with crediting the current account of the payee. Information about the code tells the recipient, having asked about it at his Bank.

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Since 2007, banks have the right not to conduct operations on transfer of funds, if the account numbers are not specified in IBAN format. But this rule applies only to those cases where the transfer is in a foreign currency, and only in favor of persons serviced by the Bank of the EU and EEC. Accordingly, sending money, for example, in France, without specifying the IBAN code, the sender will receive them back because of the refusal by the Bank. Money back not full, as the Bank will deduct the amount equal to the fee for the return.

Code Structure

A Specific semantic purpose carries every letter and number in the IBAN. What this means, let us consider:

• First two letters represent the country where the beneficiary Bank is domiciled;
• The next two digits indicate a unique IBAN number, which is obtained by calculation;
• The next two digits contain information about BIC-code of the banking institution;
• The remaining numbers are the account number of the customer inside the Bank.

When you need the IBAN?

It must when carrying out payments and transfers in favor of individuals residing in the EU countries and the EU, as well as some other States that already apply a similar standard accounts. And for money transfers to Russia that it is needed yet.

How to apply code when making international transactions?

Consider the case when the foreign partner shall send to your address the account which has a traditional account number, and IBAN. When performing of payment that is in order to indicate the IBAN in the field for the account number of the recipient. Then the payment will be faster, since the processing will require less time. It should be noted that if a payment order is filled out electronically, please enter the IBAN without spaces or extra characters.

The Use of the IBAN banking institutions of the Russian Federation

Transfers in favour of the citizen of the Russian Federation are made without specifying an IBAN. It is sufficient to specify a SWIFT code.

Account IBAN must be specified only when the external transfer from current account opened in the Bank of Russia. And he needed only, if the payment goes to the Bank located on the territory of the EU and the EEA or in other countries that have also begun to apply the standard accounts.

What identifier is used for transfers from EU countries on Russian Bank accounts

Above, we wrote that if the funds are transferred from the EU and the EEA on the Russian account, the payment order is not specified IBAN. What does it mean? So it is that the sender just needs to specify in the document that the translation is not in the EU and beyond.

Under the direction of funds from Europe to the accounts of Russian banks are required to issue a payment order for the foreign banking operations. At the same time there must be present the following kind of information:

• SWIFT code belongs to the beneficiary;
• The customer's current account beneficiary Bank.

How to know details for international cash transactions?

1. Information about the required details that are specified in payment documents when making international transfers are on the official websites of banking institutions.
2. If you have an account opened in the Bank of the other state is entitled to establish the IBAN, for example in PrivatBank, information about code, you can see one of the following ways: by contacting the branch of the Bank through the Internet banking or by calling the hotline.
3. In the banking system there is such a thing as the intermediary Bank. Services it can benefit from banking institutions who are not able to directly make international banking transactions. For example, Alfa-Bank signed with three financial institutions of Germany the agreement to his clients was able to transfer funds in this state. How to execute a wire transfer, you will tell the Bank's employees.

International payments with Sberbank

In order To make international payments from any of the countries (including EU member States and the EEA) through the savings in the payment order must contain the following information:

• The name of the receiving Bank;
• The location of the branch maintaining the account;
• The full name of the account owner;
• His passport details, the rooms of the INN and KPP;
• BIK, correspondent account and the settlement account of the receiving Bank.

You May need additional details, you can find them on the official website of the Bank. The IBAN of Sberbank is not listed there, but only because it is in the nature does not exist yet. For international transfers, the savings Bank only uses the SWIFT code, it should call the sender. The offices, which are located in different regions, a SWIFT code is also different. Information that is appropriate for you can be found on the website of the Bank.

Conclusion

After Examining all the information, it became clear what the IBAN of the Bank and its function in the banking system. Such a single standard account can make payment processing by banks the EU and the EEA, and to reduce the number of errors in the details, as the Bank-the sender can verify the specified account number to the payment.