An IBAN is a method for checking a banking account identification, detailing the country where it is from and the unique account number of the recipient of the money transfer. Learn everything about the concept and how it differentiates from SWIFT and BIC.
If you're familiar with online banking and you find yourself making regular international money transfers, you may already be familiar with the terms International Bank Account Number (IBAN), SWIFT, BIC, and SEPA credit transfer. But, if you're not, these terms might seem confusing. Sometimes, even when you start to understand what they mean, you can often get them mixed up, given how similar they are.
In this article, we'll look at what all these concepts mean, including what the meaning of IBAN number is, what the IBAN system is, the relevance of IBAN in banking, and how Nebeus is breaking new ground with IBANs for people to access their money in new ways.
What is an International Bank Account Number (IBAN)?
An IBAN is a method for checking a banking account identification, detailing the country where it is from and the unique account number of the recipient of the money transfer. It provides a safety system that verifies account information before cross border payments involving money transfer across foreign banks, including SEPA credit transfers. Each set of characters in an IBAN, which can contain up to 34 letters and digits, contains data about your account that is used to confirm it throughout the transaction.
To exemplify, much like your IP address helps locate your computer anywhere in the world, the IBAN system can help identify your bank account details wherever you are located.
The difference between IBAN, SWIFT, and BIC codes in banking
IBAN stands for International Bank Account Number and helps banks locate your account internationally for use in cross-border payments. The difference between IBAN and SWIFT codes is that IBAN codes are not as widespread as SWIFT codes, which are the norm outside of Europe.
SWIFT stands for the Society for Worldwide Interbank Financial Telecommunications and SWIFT codes provides all banks with a unique international code to be used in international payments and money transfers. A SWIFT code does not specify a particular account number, unlike IBAN codes, and can be made up of 8 to 11 alphanumeric characters.
BIC stands for Bank Identifier Code and helps banks identify each other internationally when it comes to international payments. A BIC, as opposed to an International Bank Account Number, identifies your bank rather than you personally.
As you can see, all three are relatively similar, especially BIC and SWIFT codes, which makes it unnecessary sometimes to use all three when transferring money internationally or carrying out cross-border payments.
For this reason, most people (including us here at Nebeus) typically stick to using IBANs as they are a more accurate way of identifying bank accounts internationally.
What does an IBAN number look like?
The first part of any IBAN is a two-letter country code, followed by a two-digit check code, then a four-letter or number bank identifier code. And then, like with any other banking system, there is a six-digit sort code followed by an eight-digit account number, which is also known as a Basic Bank Account Number (BBAN).
GB (country code) 10 (check digits) WXYZ (bank code) 123456 (sort code) 12345678 (account number)
Different countries have slight variations in IBANs, but most follow the general format mentioned above.
If your IBAN looks overbearing and complex, just remember that the numbers are not arbitrary and follow a set pattern relating to your nation, bank and existing personal banking details.
How to find iban number
Finding your IBAN is usually relatively easy; if you don't know yours already, most banks have an IBAN generator tool on their website.
The most common way to find your IBAN is on the top right-hand side of your bank statement. In Nebeus, when you access your Money Account, it will be placed straight away on the main page, so it's simple to find it every time you need to use it.
Also, given the fact that most IBANs follow the same structure, you could work it out if you had all your banking details at hand. However, if you're unsure, don't take any chances; otherwise, you could send money to the wrong account and lose it.
When sending money, several IBAN verification tools are available online, allowing you to double-check any IBANs you receive to ensure they're valid.
How to get an IBAN account with Nebeus
Here at Nebeus, we've made recent changes that will make our transactions even more straightforward and accessible.
We've rolled out Euro IBANs and UK sort code & accounts for crypto hodlers, which we named Money Accounts.
But what does this mean for our customers?
This change means that our European customers can use their Nebeus account like a traditional bank account by depositing and transferring their funds as well as exchanging crypto assets into FIAT currencies and use them in their daily life with a minimum of fuss.
Nebeus now has two accounts available for customers:
Crypto account & Money account
Our Money account takes away the delays and stress of making traditional bank transfers by allowing customers to shorten the time they take to receive international payments.
A Nebeus crypto account allows you to access your assets and all our crypto services such as staking, crypto-renting and taking out a crypto-backed loan. In addition, the account comes with our quick transfer feature, enabling you to exchange your crypto into FIAT currencies which you can send to your Money account for everyday use in a matter of instants.
Our aim has been to allow our customers to get instant access, whenever they need it, to their assets without having to wait on their bank to make and approve the transaction on their behalf and waiting for the long processing. Some users even face the hustle of having their money blocked because their bank doesn’t accept crypto-related operations.
Nebeus Money accounts help our customers transfer money into their Crypto accounts or even into third-party accounts without any of the mentioned problems. Users can use their Money account just like they would do a traditional bank, including receiving international payments from third parties, even pay bills online instantaneously, receive their salary, and more.
We're offering three different Money accounts to cater to every level of crypto investor.
Nebeus Standard Money account
This account is free and gives customers a personal IBAN that they can use for everyday transactions, crypto trading, and HODling. Users can transfer up to 1000 EUR per day and 5000 EUR per month.
Nebeus Holder Money account
Caters to our crypto HODler clients looking for an account with higher limits, . Customers can access this package for just 4.50 euros a month. Users can transfer up to 2000 per day and 7500 EUR per month.
Nebeus Whale Money account
The Whale account is for people looking for unlimited transfers, trading and pretty much everything else you can think of. This option is for customers who, beyond what some people might refer to as crypto enthusiasts, are serious crypto traders looking to take things up a notch. The whale package is only 9.50 euros a month and ensures that traders can buy, sell, trade and transfer up to 750,000 EUR per day whenever and however often they want with unlimited transfers per month.
What's next for Nebeus customers?
To make transactions from our Money accounts even easier, we're launching our Nebeus virtual and physical cards in the very near future so that our customers can make purchases from their Nebeus Money accounts in their daily and ordinary operations.
This feature will be available very soon and aims to add a new level of customer care and financial accessibility.
Is IBAN number the same as account number?
No, an IBAN number (International Bank Account Number) is not the same as an account number. An IBAN is a unique identifier that is used to identify bank accounts in international payments and international transactions. It is made up of a country code, two check digits, and the account number. In contrast, an account number is a unique number assigned to a specific bank account by the bank.
Which part of the IBAN is the account number?
The account number is a part of the IBAN number. It typically follows the country code and check digits and precedes the branch code (if applicable) and the account holder's number. The specific format of the account number within the IBAN varies from country to country.
What is the UK IBAN number?
The UK IBAN number (International Bank Account Number) is a unique identifier used to identify bank accounts in international payments and international transactions involving the United Kingdom. The UK IBAN number consists of 22 alphanumeric characters and follows a specific format. The first two characters are the country code, followed by two check digits, and four characters to identify the bank and branch. The remaining 12 characters represent the individual account
You can sign up for a Nebeus Money account and simplify your everyday money operations.
La inversión en criptoactivos no está regulada, puede no ser adecuada para inversores minoristas y se puede perder la totalidad del monto invertido.