IBAN - International Bank Account Number
The International Bank Account Number (IBAN) is a standard used to identify a bank account in international transactions, particularly but not exclusively in Europe.
The use of an IBAN in conjunction with the receiving or beneficiary bank's SWIFT address/BIC code (Bank Identifier Code) facilitates the automatic execution of international payments and ensures correct identification of the receiver's account.
In support of EU legislation, the European banking industry decided that as and from 1 January 2007, provision of the valid IBAN and BIC information of the receiver's account is mandatory for all international Euro payments from EU member states, Norway, Iceland, Liechtenstein and Switzerland, regardless of value.
Making payments to Europe
If you are making international Euro payments to another EU member state, Norway, Iceland, Liechtenstein or Switzerland, you should quote the IBAN of the receiver's account on the payment in conjunction with the receiving bank's SWIFT BIC. Usually these details will be quoted on your suppliers' invoices - or else you should ask for them directly from your supplier before making your payments.
Receiving payments from Europe
If you are receiving Euro payments from Europe, you should inform the sender of the payment of your own IBAN and BIC details to ensure you receive the funds as soon as possible. Your IBAN and First Trust Bank’s SWIFT BIC details are quoted on your First Trust Bank Account statements.
If you are a business customer and in receipt of Euro payments from an EU member state, Norway, Iceland and Liechtenstein, you are legally obliged under EU Regulation 2560/2001 to advise your customers of your IBAN and BIC information.
Your local branch can answer any queries you may have in relation to your IBAN.
How will the IBAN be identified?
An IBAN contains additional characters in front of a normal domestic account number. These characters consist of a 2 letter country code followed by a 2 digit check number.
The following is an example of a UK IBAN
|Country Code||Check Number||Bank Code||Sort Code & Account Number|
This indicates the country where the account is held.
This 2 digit check number is calculated by the bank issuing the IBAN, using a standardised formula applied to the whole IBAN. This formula allows the sending bank to validate the numerical accuracy of the quoted IBAN.
Some countries have incorporated a bank code (i.e. the first four letters of the bank SWIFT address) in front of the standard domestic account number to clearly identify the account holding bank.
Sort Code and Account Number:
This is the existing domestic bank account number, including national sort code.
Using IBAN on Payment Instructions
Please note that the IBAN in printed format (such as an invoice) is likely to be prefaced by the word IBAN e.g. IBAN AT611904300234573201.
You should NOT enter the word IBAN on any input to the bank.
You should not include any spaces when quoting the IBAN. The IBAN should be presented as a continuous string of alphanumeric characters i.e. AT611904300234573201.
Lengths and formats of IBANs across Europe
There are standard lengths and formats of alphanumeric characters for IBANs in respect of each country - e.g. in the UK, the standard is 22 characters.
When completing payment instructions, please ensure that your beneficiary's IBAN corresponds in length to the IBAN length as indicated in the following table:
|Country||Number of Characters||Example of IBANs per country|
|5. Czech Republic||24||CZ6508000000192000145399|
|26. Slovack Republic||24||SK3112000000198742637541|
|30. United Kingdom||22||GB29NWBK60161331926819|
Back to top
Terms and Conditions apply.