What is IBAN?  Question about a sale to Germany
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Post Posted: Mon Oct 24, 2005 1:24 pm 
 

I sold an item to a "newbie" from Germany. They wanted to transfer money to my bank account. The exact quote was:

"HI, please give me your Bank account data (IBAN), so that i can transfer the money".

I sent an email explaining about paypal ( or Bidpay) as options. What does he mean anyway? Is he completely misinformed, or is there some other European or German option that I don't know about?


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Post Posted: Mon Oct 24, 2005 1:33 pm 
 

beyondthebreach wrote:I sold an item to a "newbie" from Germany. They wanted to transfer money to my bank account. The exact quote was:

"HI, please give me your Bank account data (IBAN), so that i can transfer the money".

I sent an email explaining about paypal ( or Bidpay) as options. What does he mean anyway? Is he completely off the mark, or is there some other European or German option that I don't know about?


I work for a bank :roll: and I have heard tha term before. It actually relates to doing an international wire tranfer, but the IBAN number is I believe something newer in name. Typically international wire transfers would use your bank account nymber, your ABA rounting/transit number, & another number which is called a SWIFT code. I pretty sure that the IBAN number is just a different name for the SWIFT code which you can obtain from your banking institution, although with that being said, I don't know how confortable I would feel giving out that info to some unknown person from the internet. :wink: I hope that helps. :)

BTW, IBAN stands for International Bank Account Number. :)


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Post Posted: Mon Oct 24, 2005 1:40 pm 
 

Yeah, I am always willing to go the extra mile, but if they can proceed with that kind of transaction, then they could just as easily use Paypal or Bidpay.  

I'll wait and see what they have to say.  Thanks!


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Post Posted: Mon Oct 24, 2005 2:16 pm 
 

Hi,

IBAN (International Bank Number) is the unique code for each bank in the world.

I usually have to provide one when doing overseas transfers.

Cheers,
Malcolm
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Post Posted: Mon Oct 24, 2005 2:45 pm 
 

Holy crap!  That was a good 15 minutes on the phone with my bank.  However, I have all the info I need to receive a wire transfer now.  I guess if they can't do the other options, I can accept it.  (it's free for me, after all)

Thanks for the help!


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Post Posted: Thu Oct 27, 2005 2:44 am 
 

beyondthebreach wrote:Holy crap! That was a good 15 minutes on the phone with my bank. However, I have all the info I need to receive a wire transfer now. I guess if they can't do the other options, I can accept it. (it's free for me, after all)

Thanks for the help!


I hope everything goes well.  :D

BTW, I work in a bank too. And here, in Italy, the use of IBAN is going to be compulsory probably from next year ...
I don't know how US banks work (I had some problems when I've tried to send money to US) but ...
IBAN is not the same as SWIFT code.
SWIFT is the code of your bank in your town. For example, my bank's swift code is

BAMN IT 21 061, that means

Banca Agricola MaNtovana - ITaly - a number identifying my bank in my town.

It is used for foreign transfers only!!

For national transfers you need only the IBAN code.
It is the code that identifies your particular accont. It is different in every state.
In italy it is made in this shape

IT xx G xxxxxxxxxxxxxxxxxxxxxx,

the first 2 letters identify your nation (IT for Italy, ES for Spain, DE for Germany, etc), then 2 numbers, another letter called CIN, and a series of number that is your complete account code.

With SWIFT and IBAN everyone, from every place, can send you money with a reasonable charge from the bank (for example, if you try to send me money and you don't have my SWIFT and IBAN but only the name of the bank and my acount number ... well ... fees rise very much, for you to send and for me to receive).

I don't see any particular problem in letting another person know your IBAN (understand me: don't go and tell on TV  :wink: ): even if I know your IBAN (or your swift) I cannot go to your bank and steal your money ...

They are simply intended to semplify the foreign transfers of money :)  :)

Or so I tell to my customers ... :wink:

Have a nice day
Giorgio

  


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Post Posted: Sun Oct 30, 2005 10:01 pm 
 

radagast wrote:Or so I tell to my customers ... :wink:


What's SCARIER is that I understood EVERY WORD you said.

I work for Suntrust Banks,...Central Wire facility.  :lol:


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Post Posted: Mon Oct 31, 2005 5:10 am 
 

MrFilthyIke wrote:What's SCARIER is that I understood EVERY WORD you said.


Oh my God!!! 8O  8O  
It's Terrible!!! :lol:

  


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Post Posted: Mon Oct 31, 2005 9:06 pm 
 

radagast wrote:Oh my God!!! 8O 8O
It's Terrible!!! :lol:


:P  :P

I kept chuckling today during every wire to Italy. :)


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