IBAN numbers are used to transfer money overseas and to verify transaction details are correct. They have made international money transfers faster, more accurate and more secure in many countries. 

Here’s why it pays to understand what one is, how it works and how to find an IBAN number.

What is an IBAN number?

Your IBAN (International Bank Account Number) is a unique identifier for your bank account that shows the bank and country to which your account belongs. It includes your account number and sort code. 

IBAN numbers were originally developed in Europe to simplify transactions between Eurozone countries but they are now used all over the world. Using an IBAN to transfer money internationally ensures it ends up safely in the right account.

What countries use IBAN numbers?

IBAN number verification is used for all accounts held in EU countries, European Economic Area countries (Norway, Iceland, and Liechtenstein) and most of the remaining European countries.

Several countries outside Europe also use IBAN numbers, including Brazil, Algeria, the United Arab Emirates (UAE), some African countries, Pakistan and Lebanon.

Countries in North America, as well as Australia and New Zealand, do not use the IBAN numbering system but recognise it and process IBAN payments when handling international payments using the system.

How long is an IBAN number?

The length of the IBAN number you will need to use when making international money transfers varies from country to country but can be up to 34 digits. In the UK there are 22 characters, while in Spain and France there are 25 and 27 respectively.

What does an IBAN number look like?

IBAN numbers follow a specific format containing all the information required to ensure your international money transfers are made safely and securely.

An IBAN number can be broken down into several components, each of which provides a different piece of information.

Below is an example of how an IBAN code might look.

GB 29 LOYD 601613 31926819

Here’s what each element of this international bank account number means:

GB This is your country code, so in this case, Great Britain.

29 The two digits after the country code are known as the check digits. They are specially calculated by the bank for the account holder and are relied on by banking systems to confirm that the number contains no simple mistakes.

LOYD These are the first four letters of your Bank Identifier Code (BIC) and every bank is assigned one. In this case, LOYD is the code for Lloyds Bank. The BIC code, sometimes known as a SWIFT code, helps overseas banks to identify the bank to which they need to send money.

601613 The six numbers shown after the bank code are your sort code, which identifies the branch of the bank at which your account is held.

31926819 The final eight numbers of your IBAN are your bank account number. 

How do I find my IBAN number?

To find your IBAN number, you should check your bank card, bank statement, mobile app or contact your bank. You can also use an IBAN calculator or verification tool. It is important to make sure you have the correct IBAN number to avoid potential issues with international payments.

How to use an IBAN number

When you have found your IBAN number, your next step is to make your international money transfer. 

Don’t just opt for the first international money transfer provider you find because fees and charges vary widely and can significantly bump up the cost of your payment. As a general rule, standalone foreign exchange services provide a much more cost-effective way to send money abroad than high-street banks, which have higher overheads and are bound by a single rate.

Financial jargon such as IBAN numbers may make the thought of performing an international money transfer seem more daunting than it actually is, and finding the information you need is pretty straightforward. Once you have the details you need and have found the best deal available for sending your money overseas, your transfer can be made quickly and easily, and you will have peace of mind that your funds have arrived safely with the right recipient. 

Make a transfer today

The Telegraph Media Group International Money Transfer Service is provided by Moneycorp to offer you a way to send money abroad with competitive rates in more than 120 currencies. You will benefit from the expertise of Moneycorp's currency exchange specialists who can provide options on the appropriate products to meet your needs, as well as guiding you through the unpredictable currency markets. Plus, there are no online transfer fees and your money can be sent quickly and securely. 

• Open an account today via the Telegraph Media Group International Money Transfer Service

Read more: 

• Send money to Germany 

• How to save on international bank transfer fees

• How to transfer money online

None of the information contained in this article constitutes, nor should be construed as, financial advice. 

TTT Moneycorp Limited (company number 738837) is registered in England. Its registered office is at Floor 5, Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ. Moneycorp is a trading name of TTT Moneycorp Limited which is authorised and regulated by the Financial Conduct Authority for the provision of payment services (firm reference number 308919). Date of approval 27/03/2023

The above article was created for Telegraph Financial Solutions, a member of The Telegraph Media Group. For more information on Telegraph Financial Solutions click here.