If you want to send money abroad, some countries require you to have the IBAN number (International Bank Account Number), which is a standardized code linked to a bank account for processing international money transfers. The IBAN number is important because it helps to avoid possible operating errors, as there are many banking institutions scattered around the world.
Here’s how to figure out this code to make a reliable transfer:
How to know the IBAN number of the bank account for sending money abroad
In Canada, we do not use IBAN, but if you are sending money to one of the 75 countries that use it, it is important to ask the recipient who will receive the shipment abroad. They can find the IBAN number on the bank statement or by accessing the bank’s online system. If they prefer, they can also access the IBAN website, select the country, and add bank details to calculate the code.
The IBAN number contains two letters, two bank verification digits, and up to 35 alphanumeric characters – the amount will depend on each country. If the code is not entered or if it is incorrect when the money transfer is made abroad, a charge may be made by the receiving bank of the money, in addition to the transfer, and the transfer is at risk of being rejected.
Which countries use the IBAN number?
When the IBAN number was created, the goal was to facilitate electronic payments made between banks in the Euro Zone. But over the years, several countries in the rest of the world began to join as well. Among those that use it are: Spain, Brazil, Germany, Costa Rica, Pakistan, Turkey, United Kingdom, Portugal, Latvia, Greece, France and many more.
Canada, as well as the United States, Australia and several Asian countries like China, India and Indonesia do not have an IBAN number. However, some banks use a system called SWIFT (Society for Worldwide Interbank Financial Telecommunication). Thus, to send money to Canadian banks, it is not necessary to have the IBAN, but rather the SWIFT code of the recipient.
Therefore, if you are planning to send money abroad, it is essential to check the IBAN number or SWIFT to make a reliable transfer to the destination country. Western Union Canada can help you make this type of international money transfer to more than 200 countries and territories. Download our app now and see the Terms & Conditions of our services.
