What is IBAN, SWIFT and BIC?
Product News / 28.11.2017
Whether you send money to friends and family abroad or receive money transfers from business clients, you will be asked to provide an IBAN to make the transaction.
IBAN stands for International Bank Account Number and is globally recognized, unique identifier used for international bank settlements. It helps banks and financial institutions check the legitimacy of a bank account and identify the country and the financial institution the account is held in.
Usually, the structure of the IBAN is consistent – it’s made up of letters and numbers but the number of symbols varies depending on the national standards.
Do I get an IBAN for my account in myPOS?
Yes. As soon as you open a myPOS account, you will receive an IBAN. What’s more, you will get one for each account in a different currency as well.
Where can I find my IBAN?
Log in to your myPOS account and go to All Accounts – you will find the IBAN there. Switch between your accounts in other currencies and you will see your other IBANs.
A BIC code (Bank Identifier Code) is another internationally recognized code used to identify the particular financial institution or bank. It’s also known as a SWIFT address or a SWIFT code and can vary between 8 and 10 symbols in length.
BIC code is mostly required when you transfer money internationally and, in particular, for SWIFT wire transfers and SEPA payments.
How to make international bank transfers from your myPOS account?
It’s very easy and the best part is that you can make transfers from your account or via the myPOS mobile app, anytime and anywhere.
First off, make sure to enter the correct IBAN of the recipient. Then go to Transfers and choose Bank transfers from the menu. Fill in the required fields and confirm – that’s all.
If you have any questions or need assistance, you can reach out to the myPOS team 24/7. So, don’t hesitate to contact us.
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