Suits Me Simplified: Banking 101

Online Banking: What is an IBAN Number?

You’ll need an IBAN number if you need to send or receive money from abroad, but what is an IBAN and how do they work?

Acronym IBAN as International Bank Account Number which can be found via online banking platforms

If you need to make a payment to another bank account within Europe, you’ll usually need the IBAN number of the international account, so you can ensure that the money arrives safely.

To save time, most banks can usually generate IBAN numbers via your online banking platform, even if you don’t have the recipient’s details to hand.

What is an IBAN Number?

An IBAN number is an international bank account number that is used for bank accounts held in Norway, Switzerland, Liechtenstein, Hungary, and the EU. It contains all that’s needed to make sure that the payment arrives safely, no matter where in the EU your money is traveling too.

Your IBAN number is a unique identifier for your own banking account and contains all the information needed to identify your country, bank, and the exact amount you want to send in just a few numbers and letters.

When online banking, you will be able to generate your own unique IBAN number. They are made and written in a standard format which is recognised across all the countries that use them.

What Goes into an IBAN Number?

IBAN numbers can contain up to 34 numbers and letters, depending on which country the account is located.

An example of an IBAN number is: GB20SMUK12233441741025 and is made up of several pieces of information. Broken down, the example IBAN number looks like:

GB | 20 | SMUK | 122334 | 41741025

  • GB – is your country code, in this case, Great Britain
  • 20 – these are the digits that are used to validate an IBAN and can vary across accounts
  • SMUK – these letters identify the banking provider you’re sending money from, in this case, Suits Me, UK.
  • 12233 – represents the sort code
  • 41741025 – represents the account number

Your account number and sort code will be the same in your IBAN as they are when you use them within the UK

Where to Find your IBAN Number?

Your IBAN number can usually be located through your online bankingmobile banking app or bank statement, but if you want to send money abroad you will need the IBAN number of the account you wish to send money to.

If you get the number incorrect, your banking provider may send your money to the wrong destination or may charge you for an invalid payment. It’s important to remember that even IBAN numbers with the correct format can still be incorrect, it’s worth checking with the recipient or banking provider before sending or receiving a payment abroad.

However, another way to check an IBAN number is by using an IBAN validation tool which will tell you whether it’s active and can be used to send payments too.

Finding your Suits Me IBAN Number

If you’re a Suits Me customer and looking to receive money from overseas, you can quickly find your IBAN number through your personal online banking account. Here, your IBAN number is situated on the left side of the page as soon as you log in.

Additionally, if you’re using our mobile banking app, you will find your IBAN number under the “Account Details” section.

If you’re looking to send money abroad, head to the “My Account” section, and click on the “Transfer” tab, here you can input the IBAN number of the recipient’s account before sending the money abroad.

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