Do you send money to friends and family overseas? Or maybe you work with foreign clients and often receive payments from abroad?
If so, you’ve probably heard the terms IBAN and BIC. Yet, if you are not familiar with their meaning, read on to learn more.
IBAN (short for International Bank Account Number) is an internationally recognized identifier for money transfers. It’s used by banks and financial institutions to check the legitimacy of a bank account, and allows for easy identification of the country and the account number.
The IBAN can contain up to 34 digits but the exact number depends on the national standards.
Does my LeuPay account have an IBAN?
Yes. Your LeuPay account has an individual IBAN which you can find in the Accounts tab.
BIC stands for Bank/Business Identifier Code and is also called a SWIFT address/code. The BIC is unique code for identifying particular financial institution or bank, and it’s mainly used for SWIFT and SEPA transactions.
The BIC code can vary between 8 and 10 symbols in length.
How to make and receive payments?
You should give your IBAN to anyone who wants to make bank transfers to your LeuPay account. Make sure that you quote the IBAN correctly to avoid returned transfers.
Sending money abroad is very simple. Below are the steps that you need to follow as soon as you log in to your LeuPay account:
1. Click on ‘Transfers’ tab
2. Go to Bank transfers and fill in the required fields
3. Confirm the transfer and you’re all set!
But that’s not all!
The best part is that with the LeuPay mobile app, you can make global money transfers even when you are on the move. Download the app now and enjoy!