what You should know about IBAN and BIC
what ist IBAN?
The IBAN (International Bank Account Number) is the international Standard for Account Numbers.
It contains the countycode, bank & accountdata and a checkdigit what will be calculated after international standard rules.
This checkdigit makes it possible for the bank to check your remittance for correct Accountnumbers and Bank Information before transfering to other banks.
Therefore wrong Bank Informations and delays can be avoided.
what ist BIC?
The BIC (Bank Identifier Code) is the unique Identifikation Code of a particular Bank. (it is also called SWIFT Code).
IBAN and BIC will speed up Your Payments
to speed up Your Payments you or Your foreign Partner will need IBAN and BIC.
that means : If You do not state the BIC or IBAN, Your Payment can not be processed automatically, but have to be processed manually.
Therefore Your Partner will have to wait longer for his Payment.
It is not mandatory to use IBAN and BIC - it is just faster and cheaper.
Where can I find IBAN and BIC?
IBAN and BIC of Your own Account You can find on Your Account Statements. If You can not find it there, Your Bank will provide your IBAN and BIC.
If you have to Pay to foreign Accounts, You will have to ask Your Partner directly for IBAN and BIC.
When I will need IBAN and BIC?
For sending Money with EU-cross border payments (this is a foreign payment, for the same price as domestic payments) IBAN and BIC is mandatory ! Also on the cheap EURO-Transfer You will save some speed if You can provide IBAN and BIC.
Payments from and to foreign Accounts
If You want to receive Payments from foreign Customers, please provide Your IBAN and BIC to Your Partners. You will receive Your payment faster.
If You do payments to foreign Accounts, the Payment will be processed much faster by using IBAN and BIC.
Above all there will be no more mistakes on accountnumbers or routing (sorting) codes.
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