What Is an IBAN and Why Do You Need It for International Transfers?

Sending money abroad from the UK is easier than ever — but when your recipient’s bank account is involved, you might see something called an IBAN. If you’re not sure what that means or why it matters, this guide will walk you through it clearly.

📌 What Does IBAN Stand For?

IBAN means International Bank Account Number.

It’s a standardised code used in many countries across the world so that banks can identify accounts reliably when money moves across borders.

Think of it as the global address for a specific bank account — without it, money could easily be sent to the wrong place.

🧱 How an IBAN Works

An IBAN isn’t just a random set of numbers — it’s structured to carry key information:

✔️ Country code (e.g., GB = United Kingdom)

✔️ Check digits (for verifying correctness)

✔️ Bank details & account number

Each country has its own IBAN format and length. For example:

UK IBANs typically start with GB followed by 22 characters
Other countries (like in Europe) may have longer or slightly different formats

Every IBAN is unique — that’s what makes international transfers secure and accurate.

📍 Why You Often Need an IBAN

When you send money overseas, your bank or money transfer provider usually needs an IBAN — especially if:

🔸 You’re sending directly to a recipient’s bank account

🔸 You’re using bank transfer methods like SEPA for euro area countries

🔸 Your recipient asks for “account details in IBAN format”

Without the correct IBAN, the transfer may be:

Delayed
Returned
Or even sent to the wrong account

So it’s important to double-check the IBAN before you confirm a transfer.

🏦 When IBAN Is Not Always Required

There are a few cases where you might not need an IBAN, such as:

✔️ Instant payments by phone number (like MIA in Moldova) — where only a mobile number is needed

✔️ Transfers to cards — where the recipient’s card number serves as the destination Still, when sending to a bank account directly, the IBAN is usually essential.

🧠 Tips for Using IBANs Safely

✔️ Always copy-paste the IBAN, don’t type it manually — mistakes are common with long codes

✔️ Ask your recipient to confirm the correct IBAN from their bank app or statement

✔️ If the IBAN looks shorter or different from expected, double-check the country format Using the right IBAN helps your transfer arrive faster and without hiccups.

💡 MoneyTO Makes It Simple

Whether you need to send to a bank account with an IBAN, or choose a phone-number-based payout, MoneyTO lets you send money abroad securely and at great value. Just:

Log in to your MoneyTO account
Choose the destination country
Enter the amount and recipient details (including IBAN if needed)
Confirm and send

We’ll take care of the rest — fast, transparent, and reliable.