IBAN Numbers: A Guide for Indian Businesses with European Clients

The banking sector is experiencing a revolution. You can make intra-bank transfers in minutes and inter-bank transfers in just seconds. The best part is you can even receive payments from around the world online.

However, receiving cross-border payments is tricky. You must provide the correct details. For example, you must give an IBAN number if you have European clients.

Curious to know what an IBAN is and how it plays a vital role in receiving international payments?

Let’s dive in and find out!

What is an IBAN?

IBAN – International Bank Account Number is a unique alphanumeric code that identifies a bank account in a standardized format for international transactions. It consists of up to 34 characters and typically includes the following.

1. Country Code: A two-letter country code indicates the country where the bank’s located.
2. Check Digits: The next two digits are used for error detection and to ensure the accuracy of the IBAN number.
3. Bank Code or ID: A four-character code that identifies the financial institution where the bank account is held.
4. Basic Bank Account Number (BBAN): A series of characters identifying the specific bank account within the financial institution.

Who uses an IBAN number?

Originally it was designed to streamline electronic payments between banks in the Eurozone. However, the international Bank Account Number has since gained global acceptance. But, not all banks and regions have fully adopted the IBAN standard. Countries such as North America, Australia, and Asia, don’t use IBAN for domestic money transfers but rather for international payments to countries using the IBAN system.

Can I Use an IBAN number and Receive International Payments Quickly?

If you are an Indian business and receive payments from European clients, traditional banks and other payment methods become expensive and time-consuming.

Winvesta can help you save money on your international receipts.

With our virtual global collection account, you can receive payments from the US, UK and Europe (with IBAN)

Winvesta’s virtual global collections account allows you to convert EUR to INR easily with reduced fees. You can withdraw your earnings to INR in as little as 1 day, with rates starting at just $3 + 0.99%.

Don’t let expensive and complicated methods using IBANs hold you back. Instead, choose Winvesta and enjoy the benefits of time and cost savings with no hidden fees and complete transparency at Winvesta.

Conclusion:

• Technology revolutionized banking, making transactions faster and more convenient.
• IBAN number is crucial for receiving cross-border payments in Europe
• Traditional banks and payment methods can be expensive and time-consuming.
• Winvesta’s virtual multi-currency account is affordable and streamlined – Receive payments from US, UK, and Europe with reduced fees and quick conversion options.
• Winvesta saves time and costs with transparent and hassle-free international transactions.

Open your Winvesta account today!