What is an IBAN?
An International Bank Account Number (IBAN) is a unique identifier used to recognize specific bank accounts worldwide. It consists of up to 34 characters, including a two-letter country code, two check digits, and the Basic Bank Account Number (BBAN).
IBANs are crucial for international transactions, providing a standardized format that ensures accurate and efficient processing of cross-border payments, reduces errors, and minimizes delays.
The IBAN helps identify the destination country, the bank, and the specific account. It is widely used in Europe, the Middle East, and other regions. The country code indicates where the bank account is held, while the check digits validate the IBAN's authenticity. Accurate input from the IBAN during international transfers is vital to ensuring payments reach their intended recipients quickly and securely.
What does an IBAN look like?
An IBAN can be up to 34 characters long and always follows this structure:
Country code (2 letters) — identifies the country where the account is held, e.g. GB for the United Kingdom.
Check digits (2 numbers) — used to validate the IBAN and catch errors
Basic Bank Account Number (BBAN) — your bank's identifier and your specific account number
The format varies slightly by country, but the logic is always the same.
What is an IBAN used for?
IBANs are primarily used for international wire transfers — particularly within Europe, the Middle East, and parts of Africa and Asia. When someone sends you money from abroad, they will need your IBAN to ensure the payment reaches the right account.
Common use cases include:
Receiving salary payments from international employers or freelance clients
Getting paid through platforms like Payoneer, Wise, or direct bank transfers
Sending money to European bank accounts
Receiving remittances from family abroad
IBAN vs Account Number — what's the difference?
Your regular account number works for domestic transfers within one country. An IBAN is the international version. It wraps your account number with additional information (country, bank, and validation codes) so that financial institutions in other countries can process your payment correctly.
Does Grey give me an IBAN?
Yes. Your Grey UK/EU bank account comes with an IBAN, which you can use to receive Pounds or Euros directly into your Grey wallet. This makes it easy to get paid in foreign currencies, whether from a remote job, freelance work, or transfers from abroad.
Frequently Asked Questions
Is an IBAN the same as a SWIFT code? No. An IBAN identifies your specific account. A SWIFT/BIC code identifies your bank. International transfers often require both.
Learn more about SWIFT codes →
Is it safe to share my IBAN? Yes, sharing your IBAN with someone only allows them to send money to your account. It cannot be used to withdraw funds.
Which countries use IBANs? IBANs are standard across Europe and are also used in parts of the Middle East, North Africa, and the Caribbean. Countries like the US and Canada use different systems (routing numbers + account numbers) for domestic payments, but can send to IBAN-based accounts internationally.
What happens if I enter the wrong IBAN? The check digits in an IBAN help automatically detect most errors. However, if an incorrect but valid-looking IBAN is entered, the payment could go to the wrong account, so always double-check before sending.