What are IBANs and SWIFT codes?
IBAN stands for International Bank Account Number, which you can use when making or receiving international payments.
ISO Country code for UAE is AE.
Your IBAN doesn’t replace your sort code & account number ─ it’s an additional number that contains extra information to help overseas banks identify your account for payments.
Most banks have a procedure on their website where one can generate the IBAN by providing the Account number online.
A SWIFT code (or SWIFTBIC, as it’s sometimes known) is a code that helps overseas banks identify which bank to send money to. For example, if an overseas bank is sending to a payment to your Barclays UK account, they’ll need to know our SWIFT code: BARCGB22.
What are the benefits of IBAN on fund transfers?
IBAN has found global recognition because it offers key benefits like:
• Reduced errors
• Minimised delays
• Increased convenience and simplicity