ERSTE - BIC and IBAN
Jun 18th 2020, 10:21 am
#1
BE Forum Addict
Thread Starter
Joined: Dec 2009
Posts: 2,772
ERSTE - BIC and IBAN
My wife needs to make an internation transfer to her sister. Acording to her sister the account account combines both the IBAN and BIC as one long number!
She has been given two numbers and I have asked which is the IBAN and BIC but the response I get is the two numbers combined is the bank account no.!
As it's a significant amount of money I'm not keen to assist my wife in making the transfer!
Help!
She has been given two numbers and I have asked which is the IBAN and BIC but the response I get is the two numbers combined is the bank account no.!
As it's a significant amount of money I'm not keen to assist my wife in making the transfer!
Help!
Jun 18th 2020, 10:31 am
#2
Account Closed
Joined: Mar 2017
Posts: 0
Re: ERSTE - BIC and IBAN
FT - I can't help you with Erste as I bank with OTP but looking at my details the IBAN & BIC are separate entries - & the IBAN incorporates my account number in the middle.
If you using an FX dealer I would think they could advise you further.
If you using an FX dealer I would think they could advise you further.
Jun 18th 2020, 10:33 am
#3
BE Forum Addict
Thread Starter
Joined: Dec 2009
Posts: 2,772
Re: ERSTE - BIC and IBAN
Thanks - it's what I keep telling my wife but her sister doesn't know either! Originally her sister transferred to money to my wife's bank account and now my wife wants to transfer some of it back.
Jun 18th 2020, 10:53 am
#4
BE Forum Addict
Joined: Nov 2012
Posts: 2,096
Re: ERSTE - BIC and IBAN
IBAN and BIC are 2 different numbers You will need both
IBAN stands for International Bank Account Number.
BIC (Bank Identifier Code) identifies the beneficiary's bank
The BIC is/can be replaced by the sort code for UK banking within the BACS system (BACS = UK Bankers Automated Clearing System)
Your printed bank statements should have the numbers on it.
Sorry about the alphabet soup
IBAN stands for International Bank Account Number.
BIC (Bank Identifier Code) identifies the beneficiary's bank
The BIC is/can be replaced by the sort code for UK banking within the BACS system (BACS = UK Bankers Automated Clearing System)
Your printed bank statements should have the numbers on it.
Sorry about the alphabet soup
Jun 18th 2020, 11:02 am
#5
BE Forum Addict
Thread Starter
Joined: Dec 2009
Posts: 2,772
Re: ERSTE - BIC and IBAN
IBAN and BIC are 2 different numbers You will need both
IBAN stands for International Bank Account Number.
BIC (Bank Identifier Code) identifies the beneficiary's bank
The BIC is/can be replaced by the sort code for UK banking within the BACS system (BACS = UK Bankers Automated Clearing System)
Your printed bank statements should have the numbers on it.
Sorry about the alphabet soup
IBAN stands for International Bank Account Number.
BIC (Bank Identifier Code) identifies the beneficiary's bank
The BIC is/can be replaced by the sort code for UK banking within the BACS system (BACS = UK Bankers Automated Clearing System)
Your printed bank statements should have the numbers on it.
Sorry about the alphabet soup
Jun 18th 2020, 11:02 am
#6
BE Forum Addict
Thread Starter
Joined: Dec 2009
Posts: 2,772
Re: ERSTE - BIC and IBAN
IBAN and BIC are 2 different numbers You will need both
IBAN stands for International Bank Account Number.
BIC (Bank Identifier Code) identifies the beneficiary's bank
The BIC is/can be replaced by the sort code for UK banking within the BACS system (BACS = UK Bankers Automated Clearing System)
Your printed bank statements should have the numbers on it.
Sorry about the alphabet soup
IBAN stands for International Bank Account Number.
BIC (Bank Identifier Code) identifies the beneficiary's bank
The BIC is/can be replaced by the sort code for UK banking within the BACS system (BACS = UK Bankers Automated Clearing System)
Your printed bank statements should have the numbers on it.
Sorry about the alphabet soup
Last edited by FenTiger; Jun 18th 2020 at 11:25 am.
Jun 18th 2020, 3:03 pm
#7
BE Forum Addict
Joined: Nov 2012
Posts: 2,096
Re: ERSTE - BIC and IBAN
The Swift code and the BIC are the same thing, Swift stands for Society for Worldwide Interbank Financial Telecommunication and they manage the BIC (Bank Identifier Code) The two terms are used interchangeably and are designed to confuse.
If I can remember correctly the IBAN contains 1 or 2 check digits which are a number obtained by applying a rolling formula to the preceding numbers to generate an additional number which is inserted as an extra number. Change any of the preceding numbers and the value of the extra number will change so transcription errors are easy to find. This should give you a warm feeling about the money not going to the wrong place because of a writing or typing error.
If I can remember correctly the IBAN contains 1 or 2 check digits which are a number obtained by applying a rolling formula to the preceding numbers to generate an additional number which is inserted as an extra number. Change any of the preceding numbers and the value of the extra number will change so transcription errors are easy to find. This should give you a warm feeling about the money not going to the wrong place because of a writing or typing error.
Last edited by Peter_in_Hungary; Jun 18th 2020 at 3:12 pm.
Jun 18th 2020, 3:16 pm
#8
BE Forum Addict
Thread Starter
Joined: Dec 2009
Posts: 2,772
Re: ERSTE - BIC and IBAN
I didn't actually understand what 'SWIFT' meant. It's a bird as far as I'm concerned!
Jun 18th 2020, 4:42 pm
#9
BE Forum Addict
Thread Starter
Joined: Dec 2009
Posts: 2,772
Re: ERSTE - BIC and IBAN
All done. We got so far and then there was a line for the street name which my wife didn't have so my wife ended up frantically calling her sister to ask for it. We almost got kicked out twice because of waiting for her to respond. I hate making payments via bank transfers because it's so important the correct sort code and account no. are input. It only takes one mistake!
