IBAN – International Bank Account Number is an internationally recognised bank account number that can be used to complete transactions across borders. Banking across borders can be a real hassle at times. Since, the formalities and number of figures to remember can be quite a lot! Therefore, International Organization for Standardizitation (ISO) has issued this number that keeps a track of your bank account through a common format.
Thus, this process makes international transactions a lot easier. Hence, the hassles of remembering several numbers are erased. As per the earlier rule by European Committee for Banking Standards (ECBS), a bank account holder had to remember their bank, branch, routing codes, and account numbers.
Since, the amount of information has concentrated towards a single measure, bank account holders can now perform transactions at a faster rate. Also, for merchants running business that need transactions across borders, IBAN is a life saviour.
Why is IBAN necessary?
For merchants without borders, IBAN is a blessing. For instance, you might lose a potential bulk buyer due to not having an IBAN. Since, the transaction for your business needs to be faster. Therefore, people have the option to move from one buyer to the other.
So, always be prepared to serve any customer belonging to any country. This way, you can assure the business growth in several countries. Even more, you might even have an appropriate country for your products and may be missing out on a whole new land of opportunities.
Nonetheless, smaller buyers tend to move from one website to other. In a world where everyone is connected by the World Wide Web, it is obvious to have customers ordering from various countries. Therefore, without standardised acceptability, you won’t be able to transact internationally.
How to get an IBAN?
You can always find your IBAN using the following steps:
- If you are receiving money – contact your bank
- If someone is sending money – ask them to contact their bank and receive the IBAN
- Check your statement – some banks provide the IBAN on the bank statement
- Use online calculators – they can help you get your IBAN!
- Re-check before transaction
Dealing with the steps
The steps can be tolling. Especially, when you are running a business and such processing can take up your valuable time. But, need not worry. PurePay is always there to help deal with the critical situations.
We work with high-risk merchants and provide the right services for settlement bank account setup to faster their payment processing. PurePay understands the needs of high-risk industries and acts accordingly.
So, let us deal with your IBAN processing while you save valuable time to grow your business.