Table of Content
Table of Content
Table of Content
What’s IBAN mean, anyway?
IBAN stands for international bank Account number.
IBAN Explained
Let’s start with an IBAN definition. The IBAN is a standardized account number used for international transactions — and with Blackcat you get a personal IBAN account built for everyday euro payments.
Each institution has individual account numbers for all of their customers, but these vary widely from country to country and institution to institution. The IBAN numbers all follow the same format. Therefore, each financial institution that does international business assigns an IBAN number to each of their accounts, as well as an account number.
IBAN vs. SWIFT Codes
IBAN numbers and SWIFT codes are both ways to move money internationally, while SEPA transfers are commonly used for euro payments in Europe. However, SWIFT codes only identify the institutions making the transfer, not the individual accounts.
SWIFT codes are an older method than IBAN numbers, and they are still a very important method of financial communication, but they are less useful to the individual than an IBAn number. Note that some banks use BIC (Bank Identifier Codes) instead of SWIFT codes, but these are pretty much interchangeable.
These two approaches are both designed to perform international transactions, but where SWIFT codes are for moving money from one bank to another, IBAN numbers are for moving money from one specific account to another.
Which countries commonly use IBAN, and which do not?
IBAN is mostly used in Europe. A European IBAN account helps users send and receive euro payments across supported countries.
Many other countries can use IBAN codes, and a bank account in another country may or may not have an associated IBAN number. Australia and New Zealand are the exceptions – Accounts in these countries do not use IBAN at all, and instead rely on Bank State Branch codes and SWIFT transfers.
The country code in the IBAN only indicates where the financial institution behind it is based. Any IBAN from any country in Europe are treated identically, and are equal in every way. There is no advantage to having one country’s IBAN prefix rather than another’s. They all work equally, and are governed by exactly the same international laws and regulations.
Blackcatcard IBAN numbers
All Blackcatcard IBANs begin with “MT84 MALT”. This is the country ID for Malta, because all Blackcatcard accounts are issued in Malta. Every Blackcat account in Euro gets an IBAN number like this. You can open an IBAN account to send and receive euro payments.
How to find your IBAN at Blackcatcard app?
- Simply open your app, and tap “Top up account”
- Your IBAN account number is displayed here.
FAQ:
What is the IBAN number?
IBAN definition: IBAN stands for International Bank Account Number. It is a system that allows financial institutions to transfer money and make payments internationally. If your payment status is unclear, check what a pending transaction means.
Is IBAN the same as an account number?
No, each bank has separate individual account numbers for all accounts, and they are not identical to the IBAN number associated with those accounts.
How many digits in an IBAN number?
Up to 34, including a 2-character country code, a 2 digit bank control code, and finally the individualized BBAN (Basic Bank Account Number).
How to find out IBAN number at Blackcatcard?
Simply follow the instructions (with screen caps) above.
