Accept International Wire Transfers with a Unique European IBAN
POSTED ON: 16 Jan, 2020
International Bank Account Numbers, or IBANs, are widely used by individuals and businesses to easily send and receive money within Europe and other countries. IBANs are very straightforward and very often are the only thing you need in order to execute a money transfer in the EU.
Thanks to the shared financial space, European bank transfers are getting processed within a few minutes or, in some cases, just a few seconds. This plays a big role in the rapid growth of businesses that fully rely on international bank transfers in their daily operation.
What is an IBAN Account?
An account that has a unique European IBAN is often called an IBAN account. Such an account has an IBAN to receive or send funds from anywhere in Europe and some other countries. If you provide services or sell goods in Europe, you will only need to state your IBAN in your invoice to receive the payment shortly after it is sent. This level of comfort and high speed of transactions greatly cut the time needed for the creation of invoices and settling payments, giving you the ability to focus on business growth and expansion.
Where do I find my IBAN?
Your banking account provider will display the IBAN as one of the primary channels for money transfer. Most likely, you will find it right in your account overview or in the deposit funds section.
An IBAN may be up to 35 characters long and always starts with two letters, indicating the country of origin. Besides that and some technical symbols, it contains the code of the financial institution and the number of your account within the institution. This makes the IBAN absolutely sufficient for a banking transfer to your account.
For example, a SatchelPay IBAN will look like this:
Here, LT is the code for Lithuania, IBAN CheckSum Digits are 06, 30600 is the code for bank identifier (SatchelPay), and 00015674007 is the account number itself.
Additionally, there are a few services on the Internet that provide IBAN verification, checking the correctness of an IBAN and displaying all available information about it.
Is it only good for Euro transfers?
Not only. With an IBAN you can send funds in any supported currency. If required, your banking provider will convert funds for you on standard rates, making the process simpler and faster for you. If your customers are in Poland, they can pay your invoice in Polish Zloty that will be automatically converted to Euro.
You can also open an IBAN account in the currency of any of the IBAN countries and start accepting Zloty, Pound, Forint or any other relevant currency. This feature is especially convenient if you’re willing to open a Euro account in the UK, Poland or elsewhere outside the Eurozone.
With SatchelPay you can have even more! SatchelPay can provide you with one unique IBAN number for transactions in multiple currencies, letting you manage your funds without the need to have multiple IBANs for every currency out there.