What are IBAN and BIC and why do I need those?

Felix Letellier Merida -

Before explaining anything about the IBAN and the BIC, you must know that without these we are not able to make any payments to you. This is the reasons why you should fill in correctly these details as soon as possible in order to get all payments information correct since the beginning.

IBAN is your international bank account number which facilitates making and receiving international payments. IBAN gives you a greater degree of assurance that incoming and outgoing payments are effected as quickly as possible through the banking systems. The reason is that IBAN has a uniform structure all over the world. The IBAN consists of up to 34 alphanumeric characters.

BIC/ SWIFT  (bank identifier code) is an international standard for identifying a bank. It has either 8 or 11 characters.

The new SEPA (Single Euro Payments Area) regulation adopted by the EU in February 2012 requires all EU member states  (including the UK!) to switch from bank account/sort code to IBAN and BIC for national as well as international transactions until 1 February 2016. Find out more here.

When filling in your BIC please make sure there are no spaces between the characters and use XXX at the end in case it is only 8 characters

Where do I find my IBAN and BIC?

It can usually be found on your paper bank statement or on your online banking page. Look here for different banks!

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