What is an IBAN and why do I need one?

IBAN stands for International Bank Account Number — a standardized format used to identify bank accounts internationally, especially for SEPA transfers within Europe. Having an IBAN allows you to receive salary payments, pay EU bills, and receive transfers from European businesses without currency conversion fees.

Can I get an IBAN account without living in Europe?

Yes. Wise provides a Belgian IBAN to residents of 30+ countries regardless of nationality. Revolut provides a Lithuanian IBAN to users in most countries. Payoneer provides EU receiving accounts to freelancers worldwide. Eligibility depends on your country of residence.

Is a Wise or Revolut IBAN a 'real' bank account?

Wise and Revolut accounts are licensed e-money institutions, not traditional banks. They provide genuine IBANs you can use for SEPA transfers, direct debits, and receiving salary. Your funds are protected — Wise holds client money in separate safeguarded accounts; Revolut in the EU has a banking license with full deposit protection.

How long does it take to get an IBAN?

With digital providers, it's very fast. Wise issues your IBAN within minutes of account approval. N26 and bunq issue IBANs as soon as your identity verification is complete — typically 24–48 hours. Traditional banks may take 1–2 weeks.

What is the difference between IBAN and SWIFT/BIC?

IBAN is used for transfers within Europe (SEPA zone). SWIFT/BIC codes identify banks globally for international wire transfers outside SEPA. For transfers between Europe and other continents, you typically need both: the recipient's IBAN and their bank's SWIFT code. Multi-currency account holders should confirm with their provider which code to share.