IBAN Accounts

Instant iban account

What is an IBAN Number?If you’re planning to make an international payment within Europe, you will need your recipient’s IBAN to ensure the money arrives safely.

An IBAN number is an international bank account number, which is used for accounts held in the EU, as well as Norway, Switzerland, Liechtenstein, and Hungary. It’s used as a standard when banks around Europe need to process international payments, ensuring your money reaches its destination safely and quickly.

Your IBAN is a unique identifier for your own bank account and contains all that is needed to identify your country, bank and exact account, in just a few numbers.

What does an IBAN look like?

IBANs are written using a standard format across all countries. They contain all the information needed to locate one specific bank account from the millions of accounts held throughout Europe and abroad.

Have a look at this IBAN example to see how your own international bank account number is constructed.

IBAN example: GB29HBUK40972924681012

This example is made up of several different pieces of information. You can see them more easily when we split out the IBAN like this:

GB – 29 – HBUK – 409729 – 24681012

Let’s break these elements down:

  • GB – country code
  • 29 – these digits are used to validate an IBAN and vary from account to account
  • HBUK – bank identifier, in this case HSBC, UK
  • 409729 – sort code
  • 24681012 – account number

Your bank account number and sort code will be the same in your IBAN as they are when you use them in the UK.

IBAN numbers can contain up to 34 letters and digits, depending on the country in which the account is held. However, the structure is always the same to that set out above.

IBAN generator

Since IBANs follow a set structure, you can easily generate your own IBAN if you do not already know it. You can use the IBAN calculator provided by your own bank or an alternative IBAN calculator tool.

You can also find your own IBAN on a bank statement, by calling your branch to ask for assistance or by logging onto your bank’s online banking.

Check an IBAN number

If you’re not sure whether the number you have is the correct IBAN for your account, there are also IBAN validation tools available. After entering your number, the site will check if this is an active IBAN.

In some cases, you can even enter a partial number, along with question marks to show missing digits if you do not have the full number available to you. The system will automatically complete whatever is missing while it validates your IBAN number.

Instant Worldwide Payments

Sending and receiving payments between countries can be quite challenging. International wires are expensive; and attempting to open a foreign bank account can take weeks and in many cases is not always possible. — iPayTotal has the ultimate and total solution. We offer the perfect alternative, making it simple to pay suppliers, employees, freelancers, affiliate marketers, etc., as well as enabling you to receive payments directly from your user’s clients.

Opening an account (high-risk merchant account or an offshore account) with iPayTotal takes just a couple of days. Once you’re set-up, you can instantly send money to any country in the world. Your iPayTotal account is ‘virtually’ global, which means you only need one account in order to collect, hold and send payments in multiple currencies and channels.

Your account comes with a virtual IBAN number—this is akin to having a European bank account in which you can effortlessly send and receive funds in euros.

LOOKING FOR AN IBAN
ACCOUNTThe virtual IBAN account can be opened from anywhere in the world without
visiting a bank and without registering within the territory of the European
Union.

Long Term Solution

Key benefits of Virtual IBAN accounts include:

  • Fast account set up
  • Available in 24 currencies
  • Improved payments acceptance, settlement times and reconciliation because payments are made in the name of your underlying client
  • Reduced AML and KYC risk as a result of an end-to-end transparency and a clear segregation of funds
  • Local clearing capability plus cross-border payments through the SWIFT network
  • Same-day settlement for SEPA payments
  • Ability to leverage the Banking Circle network to make and receive payments instantly
  • Payments and FX API connectivity
  • Access to an award-winning FX platform via the web, tablet, and mobile

What is a virtual IBAN account?

A virtual IBAN is an International Bank Account Number (IBAN) reference issued by a bank to allow incoming payments to be rerouted to a different, physical bank account. Virtual IBAN accounts can be used to send and receive payments worldwide, allowing businesses such as your high-risk merchant account to extend your value chain to provide settlement services to global customers.

From the customer’s point of view, a virtual IBAN account works in the same way as a regular IBAN account—once a payment is made, the funds will end up in the physical bank account linked to the virtual IBAN account.

What are the benefits?

Accepting and sending international B2B payments can often result in companies incurring many transactional fees. Virtual IBANs offer companies the same facilities as a traditional settlement account, however, they reduce costs involved in opening and managing a physical account.

Many traditional providers will try to push full packages to new clients, which include a variety of services they do not require, including credit cards, global payment services and insurance. Owing to this, the whole process can become problematic and complicated for organisations. Opting for this would mean that organisations would have to invest a lot of time and effort into what should be a simple process. — A virtual bank account allows access to payment services without the cost and complexity of a full business bank account. Potential administrative costs are further reduced by using virtual IBAN accounts since the whole system aims to facilitate the reconciliation process, allowing businesses to carry out business with ease on a global scale.

Virtual IBAN accounts provide a wide variety of benefits for FX and payments businesses and their customers. The use of these accounts allows FX and payments for organisations to control a master IBAN account in which they can create and allocate a segregated virtual IBAN account to each of their customers, aiding settlement and reconciliation. A virtual IBAN account provides the option of payments for businesses with a multi-currency as well as with a multi-jurisdictional banking solution without the need for several different banking relationships.

For many international companies, international banking is time-consuming, frustrating and expensive. Without a non-resident bank account in Europe, international payments can take almost a week. In addition, owing to the extensive systems and thousands of employees at traditional banks, the costs are high.

WITHOUT AN IBAN Account, YOUR COMPANY:

  • Cannot open a bank account in Europe
  • Cannot collect or send domestic wire transfers (SEPA Payments)
  • Pays a SWIFT fee of €30
  • Pays a currency conversion cost of 3-6%
  • Cannot access EU payment gateways
  • Suffers the frustration of bureaucratic banking processes
  • Cannot collect payments from marketplaces such as Amazon, for example
  • Must wait two to five days per transfer.

With a virtual IBAN Account, you can make and receive payments instantly. Having a non-resident European bank account allows you to centralise incoming and outgoing payments, which makes reconciliation easier. You will spend less time on manual processes, and the cost of operating the bank account itself is reduced because incoming funds are routed directly to your master account, rather than being held in an IBAN Account.

WITH IPAYTOTAL, YOUR COMPANY:

  • Can receive SEPA payments from 35 EU countries for free in two to 12 hours
  • Can make SEPA payments to 35 EU countries
  • Saves €30 SWIFT fee and +80% on Foreign Exchange (FX)
  • Can take advantage of FX conversion automation
  • Can use its IBAN to integrate with marketplaces and payment gateways
  • Can access premium brokers to make global payments in 138 currencies
  • Receives Instant notifications of incoming payments
  • Can take advantage of online onboarding.

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LOOKING FOR AN IBAN ACCOUNT ?

The virtual IBAN account can be opened from anywhere in the world without visiting a bank and without registering within the territory of the European Union.