An IBAN number will be used when sending interbank transfers or wiring money from one bank to another, especially across international borders.

Is IBAN number necessary?

When is an IBAN Number required? IBAN is needed when you make a cross-border payment and the bank of your beneficiary is located in a country participating in the International Bank Account Number system.

Do you just need IBAN to transfer money?

Depending on the method of transfer, you may also need your own IBAN and BIC. These can be found on your statement, your online banking or by contacting your bank directly.