Before international bank account numbers (IBAN) were adopted, different European countries had different bank account identifier formats, and this discrepancy led to frequent errors in cross-border payments.
Then, in 1997, the International Organization for Standardization (ISO) proposed a new system for the global monetary movement. This launched a process aimed at harmonizing international payments. So in 2014, IBAN became mandatory in the EU.
Its main purpose is to reduce the cost of international transfers, especially within the EU, the Single Euro Payments Area (SEPA) that makes wire transfers as easy as cash transactions within Europe.
SEPA covers the whole of the EU. Other countries and territories which are part of the geographical scope of the SEPA Schemes are: Andorra, Iceland, Norway, Switzerland, Liechtenstein, Monaco, San Marino, United Kingdom, Vatican City State, Mayotte, Saint-Pierre-et Miquelon, Guernsey, Jersey and Isle of Man.
The main advantage of IBAN is the fast processing of electronic transactions with minimum delays and extra costs which reduces the risk of propagating transcription errors.
IBAN stands for International Bank Account Number, which consists of a maximum of 34 alphanumeric characters: the ISO country code + 2 digits of a control key + up to 30 characters for the bank account number. An IBAN is different from a SWIFT code (Society for Worldwide Interbank Financial Telecommunication) as it identifies an individual account involved in the cross-border payment
Fees for using the Embily IBAN account:
Opening an IBAN account is free.
Incoming SEPA - 0.02 EUR + 0.25% of the payment amount.
Outgoing SEPA - 0.06 EUR + 0.05% of the payment amount.
Account balance fee - 0.0% per year on overnight balances charged daily,
min. 0.01 EUR
To open the IBAN account you should have an activated Embily card.
We plan to launch automatisation of IBAN opening and SEPA payments in the first quarter of 2022.
Stay tuned! Join our Telegram community https://t.me/embilycard
To open IBAN account please contact firstname.lastname@example.org