A dedicated IBAN number is one of the issues that people are frequently curious about. It is a matter of great curiosity what the IBAN number is used for and what its starting point is.
For this reason, we will examine for you what the IBAN number does and how it is used. We also provide you with an idea by looking at all the details about concepts and uses.
What is an IBAN Number and How Does it Work?
What is dedicated IBAN and what is the working system is a matter of great curiosity. The concept of IBAN is of great importance in banking transactions.
IBAN is formed by the initials of the phrase “International Bank Account Number” as an expansion. It is usually passed as a number with standard lengths. However, it is not seen more than 34 digits worldwide. Therefore, it will be possible to see up to a maximum of 34 digits.
The purpose of dedicated IBAN is to create a special account number for customers in banks. It is the formation that allows error-free and smooth transactions in money transfer transactions.
It is very simple to learn and use your own IBAN numbers in your personal bank accounts. You do not need to pay any fee to learn. All individuals with bank accounts worldwide will have an IBAN number.
However, in interbank transfers, if it is the same bank, information such as account number or branch can also be sent.
In international money transfer, no transfer can be made without an IBAN number. For this reason, it is one of the normal situations to be called International.
How Do I Get My IBAN Number?
Dedicated IBAN account is easy to learn because it belongs to you. First of all, you must have a bank account of your own to have an IBAN number. If you do not have a bank account, you will naturally not have an IBAN number.
Each bank account will have its own IBAN number. In fact, it is seen that each account has different numbers in accounts opened more than once in the same bank. If you want to have an IBAN number, you should open an account for yourself in a bank.
If you are in search of a reliable bank, Jetonbank will help you in a quality and reliable way. In addition, it is possible to learn by logging into the bank application and learning by calling the bank. Since it will be private information for you, you can learn it in a simple way in bank communication channels.
What is the Difference Between Swift and IBAN?
Dedicated IBAN number is a personal account number that is useful for transferring money between countries. Since it stands for International Bank Account Number, the abbreviation is known as IBAN. People think IBAN and SWIFT are the same.
But the two are different situations separated from each other.
The Swift code identifies the location of a bank, while IBAN corresponds to a personal bank account. However, the IBAN number is specific to each account and person. Therefore, when making a transfer, the recipient’s IBAN number changes for each sender.
Therefore, the Swift code corresponds to the bank, but the IBAN will correspond to the person’s own account or company account.
You can open an IBAN account for business, but it is not possible to open your own Swift. Whichever bank you are opening an account with, the Swift code offered by that bank to its customers is used jointly.
How to Open Dedicated IBAN for Business?
IBAN accounts for business, we act in parallel with normal accounts. In order to have an IBAN number for your company, you must first have a company. It will be necessary to open an account by choosing a bank that your company is affiliated with or you want to work with.
By opening a company account, the account will have its own IBAN number. For this reason, it is among the important situations for company owners.
Opening an account for businesses gives you convenience and respectability in the international arena. For this reason, you need to choose quality and reliable banks during the opening of virtual IBAN for business.
Today, Jetonbank is one of the leading banks providing quality service. The company is one of the reputable companies of great importance globally. Therefore, you can create your company account with Jetonbank.
What are the Advantages of Opening a Dedicated IBAN for Business?
If you are a business owner, some transactions will be important. Especially in order to display a corporate attitude, your company must have a virtual IBAN for business.
Within the possibilities, you can open it by going to the bank or it is simple to take advantage of the digital formation thanks to virtual transactions. Creating an account for your company and having an IBAN number will have many benefits. Some of these advantages are as follows;
- Receiving money transfers from other companies
- Sending money to other companies
- Making international money transfers
- Foreign exchange earnings from other countries
- Management of the e-commerce network
- Making payments to employees
- Controlling company expenses
- Making tax and various official payments
- Invoicing and formation of some necessary details
- Taking a loan in the name of the company
- Favourable loan interest rates for the company
- Company credit and debit cards
- Possibilities to invest in the company
- Control and manage investments with the company account
- Possibility to invest in cryptocurrency
- Shopping on digital platforms
- Offering contactless payment or making contactless payments
Thanks to the privileges mentioned above, you can take advantage of an IBAN account for business.
The account number specific to your company and the IBAN number belonging to it will be a big step towards institutionalisation.
What Transactions Can Be Made with a Dedicated IBAN Account?
The transactions to be made with a dedicated IBAN account are curious.
Since IBAN is used as an online banking account number, it is possible to perform all banking transactions made with money. Some of the transactions that can be done with the IBAN number are as follows;
- In-country money transfer transactions
- In-country deposit
- Withdrawing cash with a card within the country
- International money transfer
- Possibility to withdraw money in other countries of the world
- Credit card usage
- Bank card usage
- Creating and using a virtual card
- Shopping online
- Making investments such as gold and silver
- Investing in cryptocurrencies and digital currencies
- Making foreign currency investments
- Forex and fund transactions
- Taking out a loan according to bank rules
- Advance account usage, which is minus according to bank features
- Trade in the international arena
- Inter-company shopping and transfer
- To settle invoices and miscellaneous payments
- Money transfer to mobile phone
- Transfer with QR
- Money transfer to name
- Use from phone and computer
- International intercompany money transfer
The above-mentioned items are some of the transactions that can be done with the dedicated IBAN number.
Apart from these transactions, it is possible to perform all transactions that come to mind with banking.
However, since it will differ from bank to bank, it would be logical to work with quality banks. For this reason, professional banks such as Jetonbank are advantageous for you.
