IBAN: Only for Europe or Worldwide
Thread poster: Williamson

Williamson  Identity Verified
United Kingdom
Local time: 22:55
Flemish to English
+ ...
Dec 16, 2003

The 3,9% which Paypal charges upon every payment received is sometimes far more than what a bank charges to cash a check.
IBAN would be a solution to this problem.But does IBAN only works in Europe or does it work worldwide?


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Ralf Lemster  Identity Verified
Germany
Local time: 23:55
English to German
+ ...
Currently for Europe only Dec 16, 2003

Hi Williamson,
Given that the IBAN concept is essentially a European development, it's not surprising that at present, it's only used within Europe (and even then, you will still find banks within the EU where the response to an IBAN-related question is "I-what?"...).

With the increasing standardisation of cross-border payments worldwide, of course, there's a chance that this concept will be extended - for instance, the IBAN is already mandatory for SWIFT MT103+ payment messages provided that "Sender and Receiver (and Account with Institution, if present) have a BIC code whose country code falls within the European validation list of countries" (quote from the SWIFT website - see URL below). But at present that doesn't help you if you need to move cash between the US, for example, and the EU.

More info is available from SWIFT and from The European Committee for Banking Standards.

HTH, Ralf


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flaviofbg
Spain
Local time: 23:55
Spanish to Italian
+ ...
IBAN Dec 30, 2003


Europe (and even then, you will still find banks within the EU where the response to an IBAN-related question is "I-what?"...).


Definitely. That was my experience at my Spanish bank. "IB... what?". When I explained, though, they knew what I was talking about. Thank goodness!

I have received an IBAN payment from Holland to Spain and it did not cost anything. Compared to PayPal...

Best wishes,
Flavio


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Heinrich Pesch  Identity Verified
Finland
Local time: 00:55
Member (2003)
Finnish to German
+ ...
What about Visa? Dec 31, 2003

Why does nobody seem to use Visa? The fee for recieving money is less than 0,2 % and the initial fee some 100 Euro, which one gets back on resigning. But clients don't want to use it, though it costs them nothing. Why?

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IBAN: Only for Europe or Worldwide

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