What is with this IBAN Number?
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shalne
Apprentice
Joined: 29 May 2005
Posts: 9
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 Posted: 01/28/08 - 10:23 Post subject: |
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| Hi, I want to send some money to my daughter abroad and dont want to go through western union as this costs lots of money. Their must be an easier way of achieving this, but I dont really understand it. Of course I know my daughters account number, but on the website of my bank it says something about needing an IBAN number to transfer money abroad. Please, what is this and how can I transfer the money into her account? |
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fielding
Apprentice
Joined: 05 Jun 2004
Posts: 5
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| Posted: 02/27/08 - 02:39 Post subject: |
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| Yes, it it a bit confusing I agree with you. IBAN is an international banking standard for transfering money across borders. It was developed for use within the European Union and is not used outside the EU. The United States is not a participant of IBAN. Anyway, the number consists of an ISO 3166-1 alpha-2 country code, then two check digits and then the BANN number. To find out your IBAN codes, just get in touch with your bank and they will tell you what you need to know! |
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