Using an IBAN with your Bank Identifier Code (BIC) helps international payments to be processed quickly and securely. It also prevents payments from being rejected, delayed in account posting processes, or misapplied, any of which may incur additional charges.
When you send payments to countries that have adopted the use of the IBAN, you must quote the beneficiary's IBAN and BIC. You do not need to provide any additional information such as bank names, addresses or account numbers, as this can cause problems and delay payment.
Equally, if you receive funds into your account from businesses within IBAN-compliant countries, you must provide the payer with your IBAN and your BIC only.
You can send funds from one account to another. Such internal transfers may be made to any IBAN in any currency, allowing business clients to streamline payments, cut transaction costs and disburse funds efficiently.
The fees associated with your IBAN vary according to a number of factors including your product sector, associated AML (Anti-Money Laundering) risks, and bank service charges. There are transaction charges normally based upon a percentage of settlement and remittance values, these charges are governed by the solution providers risk and compliance appetite.
For further information relating to IBANs contact us below