What is an IBAN and how to find it?

November 2020 •  3 min read
IBAN

IBAN is one of the most commonly used numbers in the banking sector. Whether you want to send money or receive it – you will almost certainly use an IBAN. However, do you actually know what an IBAN is?

So… what is an IBAN?

IBAN (international bank account number) – is an internationally accepted format to write your bank account number, and it is used by banks across different countries to identify the sender and receiver of funds. IBANs are widely used in the European Union countries and some other states for making both local and international transfers.

Lithuanian IBAN – explained

For most of its clients, Paysera provides Lithuanian IBANs, since it is a company licensed by the Bank of Lithuania. A Lithuanian IBAN consists of 20 symbols and looks like this: LT00 3500 0000 0000 0000.

What is IBAN
LT Country code
XX Check digits
XXXXX Bank code (Paysera – 35000)
XXXXXXXXXXX Old account number, also called BBAN – Basic bank account number

Often the IBAN is written in groups of 4 symbols: LT00 3500 0000 0000 0000, but when entering it online one should not add any spaces deliberately and should write it as one number: LT003500000000000000.

IBAN in other banks and countries

In other countries, IBANs can consist of up to 34 symbols, however, the format will be very similar – it will also have a country code, check digits, bank code, and an account number.

Today around 70 countries use the IBAN format. However, this does not include the USA, African countries, China, etc. These countries mainly use other formats such as SWIFT and BIC.

More about IBAN 

Writing bank account numbers in the IBAN format started back in 1997. In Lithuania, the bank of Lithuania grants rights to IBAN accounts and only to licensed financial institutions.

All IBANs are unique, there can’t be two identical ones, and they must be written without mistakes to work the way you want. Otherwise, your transfer might reach a completely wrong person or come back to you. Entering the correct IBAN is the client’s responsibility, therefore prior to confirming the transfer make sure to check it several times.

The main part of the IBAN are the last digits, the so-called BBAN. These are the digits of a person’s account number in their bank.

How to find my IBAN?

The IBAN is written in different places depending on the bank, however, usually, it is in a visible place that you can see after logging in. For example, in the Paysera app, you will find it at the top of the main app screen. Just don’t forget that your current account IBAN will be different from your Paysera Visa card IBAN since these are two separate accounts.

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Innovative alternatives

Although IBANs are useful when sending money to other countries, they are no longer necessary for internal transfers within the same bank. For example, Paysera clients can send money to other Paysera users knowing only their email address or phone number that is linked to their account.

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Paysera is an international electronic money institution licensed by the Bank of Lithuania. It offers its clients a spectrum of services from personal and business accounts to a mobile application, a debit card, and payment collection at e-shops.
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