Via IBAN and BIC, EU-bank connections are unitarily indicated for the enablement of automations of international payment transactions.
IBAN (International Bank Account Number)
The IBAN is the international ISO Standard (ISO 13616) for the complete depiction of an accounting connection. Depending on the specific country, the IBAN can include up to 34 digits. In Austria it contains 20 digits and is on bank cards, bank account statements and bills.
Structure of IBAN
The IBAN consists of the ISO country codes, a two digit test figure as well as bank information and the account number. With the help of the test figure it can be determined already on receipt of the order if the IBAN indicated is correct. The early detection of written or typed errors prevents the further transmission of incorrect orders. The Austrian IBAN consists of 20 alphanumeric characters. The first two characters represent the country code (AT), the next two are the check digits, followed by the former bank code and the account number.
Please do not try to calculate the IBAN of your business partner by yourself!There is a high risk to create an incorrect IBAN. Remittances with an incorrect IBAN lead to expensive returns, the costs of which may be debited to your account by the bank. You can check the formal validity of a specific IBAN with our IBAN-Check.
BIC (Business Identifier Code)
The BIC is a worldwide standardised code for the identification of banks. It is also known as the SWIFT code. You can find out the BIC of your bank from the bank itself, from your bank statements or from the BIC Directory of S.W.I.F.T (Society for Worldwide Interbank Financial Telecommunication).
As of 1 February 2016, payment transactions may be initiated with IBAN only (BIC will no longer be necessary).