How to Send Money Using IBAN Number

Sending money internationally often involves using an International Bank Account Number (IBAN). Understanding this process ensures your funds reach their destination efficiently and securely. This guide will walk you through the practical steps of sending money using an IBAN.

Key Information for Your Transfer

Before initiating any international money transfer, gathering precise recipient details is important. An IBAN serves as a unique identifier for bank accounts in international transactions. IBANs can contain up to 34 alphanumeric characters, with the structure varying by country, typically including a country code, check digits, and the basic bank account number.

You will also need the recipient’s full legal name and complete address, as well as the full name and address of their bank. The SWIFT/BIC code for the recipient’s bank is also needed. While the IBAN identifies the specific account, the SWIFT/BIC code identifies the particular bank globally, acting like an international routing number. You must also specify the amount and currency the recipient should receive, alongside a clear purpose of transfer or a reference message.

Choosing a Transfer Method

Selecting the appropriate method for your international money transfer involves weighing various factors, including costs, speed, and security. Traditional banks offer international wire transfers, which can be reliable but may involve higher fees, typically ranging from $25 to $50 for outgoing transfers, and potentially additional charges from intermediary banks or the recipient’s bank. These transfers often take 1 to 5 business days to complete, sometimes longer depending on the destination and any intermediary banks involved.

Alternatively, online money transfer services, such as Wise, Remitly, or Paysend, often provide lower fees and more favorable exchange rates compared to traditional banks. These platforms typically offer transparent fee structures and can process transfers significantly faster, with some even offering near real-time or same-day delivery for certain corridors. When making your decision, consider not only the fixed fees and percentage-based charges but also the exchange rate markups, which can significantly impact the final amount received by your recipient. Always review the service’s security measures and transfer limits to ensure they align with your needs.

Sending Your Funds

Once you have gathered all the necessary recipient information and selected your preferred transfer method, the next step involves initiating the transfer through your chosen platform. If using online banking, you will typically navigate to a “Transfers” or “International Payments” section. Here, you will be prompted to input the recipient’s IBAN, full name, bank name and address, SWIFT/BIC code, and the transfer amount and currency into the designated fields.

After entering the details, a crucial step is to review all the information for accuracy before proceeding. Even a single incorrect digit in the IBAN or SWIFT code can lead to delays or the transfer being sent to the wrong account, which can be difficult to rectify. The platform will usually display a summary, including any applicable fees and the final exchange rate, allowing you to confirm the total cost and the exact amount the recipient will receive. Finally, you will authorize the transfer, which may involve additional security steps like a password, one-time passcode (OTP), or biometric verification, ensuring the transaction’s integrity. Upon successful submission, the service will typically provide a transaction reference number, which is important for tracking the transfer.

Tracking and Confirmation

After initiating your international money transfer, monitoring its progress and confirming its receipt is advisable. Most banks and online transfer services offer a tracking feature, allowing you to check the status of your transfer using the provided transaction reference number. This tracking can often be accessed through your online banking portal or the service’s dedicated mobile application.

Transfer timelines can vary, typically ranging from 1 to 5 business days, influenced by factors such as the destination country, currency, time zones, and the involvement of intermediary banks. Some services may offer faster processing, with funds arriving within minutes or on the same day for certain corridors. Once the transfer is complete, it is advisable to confirm with your recipient that the funds have been successfully credited to their account. If a transfer is delayed or if you encounter any issues, contacting the customer support of your chosen service with your transaction reference number is the appropriate next step for assistance.