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Do you have an IBAN number?

Posted On: 2014-10-27 17:19:54 ; Read: 647 times

No, because IBAN is used mainly in Europe and is not common outside of the EU. Instead we use a SWIFT code to receive bank transfers.

We frequently get this question from our European customers: they want us to provide the IBAN number for our bank account.  Well, we'd like to, but IBAN is used only in Europe, and is not common in neither the USA nor in any other locations outside the EU.

The Wikipedia tells us this about IBAN: Most banks in Europe (excluding those in the CIS) provide an IBAN identifier for their accounts as well as nationally recognised identifiers. In addition, Israel, Tunisia, Mauritius, Turkey, and Saudi Arabia also provide IBAN format account identifiers.

Banks in the British dependencies (except Gibraltar and the Crown Dependencies) do not use the IBAN format. Some banks outside of Europe may still not recognize it, though as time passes this is expected to diminish.

The ECBS expects that adoption may take up to ten years, so it remains necessary to use the current ISO 9362 Bank Identifier Code system (BIC or SWIFT code) in conjunction with the BBAN or IBAN.

Banks in the United States do not provide IBAN format account numbers.

Here in Hong Kong, one of the major global financial metropolis - and one that is still standing that is - we use the SWIFT code for international bank transactions. This is today's de-facto standard for international transactions.


 

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