The system of international identifiers in the financial sector is needed to quickly verify information and eliminate errors when transferring funds between entities. This article describes what it is and why you need an IBAN code in Sberbank.
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What is an IBAN code and where does it apply?
Sberbank of Russia is included in the database of international cashless payments, therefore it uses various identification systems. When working with European companies, an IBAN code is required. It is included in the list of details that must be in the payment order when transferring funds abroad.
To bring the banking system to the same denominator, special identifiers were invented for banks and companies. IBAN codes are needed to make transfers and are valid on the territory of the European Union. Russian companies have not joined this program and have their own identification system.
IBAN number decoding
Each IBAN code is purely individual and has a specific meaning. It consists of separate blocks:
- the first two digits indicate the country where the financial institution that serves the company is registered;
- the next 2 digits are of an official nature and are determined by the calculation method;
- the next 2 digits indicate the bank serving the client;
- the remaining digits are the individual company number of the financial institution.
How to find out the bank's IBAN code
It can be done:
- at a bank branch;
- on the official site;
- in the Internet bank;
- at the Contact Center.
Money transfers to EU countries
To make payments, European partners have to follow EU rules and regulations. Money transfers that do not meet standards can simply be ignored by banks. Among them, the obligatory requirement is to indicate the IBAN code of the payee.
If for any reason the IBAN code is not entered in the appropriate column of the transfer document, the money will be returned to the sender's account.
The European Bank will only take commissions for its work. In order for money transfers to European companies to take place without delay, you need to know the IBAN in advance and indicate it in the document.
The code can be found in the details that the recipient sends to the sender.
To speed up the procedure for checking and transferring funds, it is better to put IBAN instead of the account number in the corresponding payment column. Practice shows that European banks quickly identify the recipient in this case. When filling out an electronic document, the IBAN value is entered without spaces.
Do I need to specify the IBAN code for a transfer to Russia from the EU?
Here we have to repeat once again that Russian financial institutions are not part of the European banking system and have their own system for identifying individual entities.
Sberbank, like any other bank in Russia, does not have IBAN codes. If this code is required for the transfer, you can use the SWIFT of a Russian bank.
In order for a European company to be able to transfer money to a domestic partner, it must indicate the following data:
- enter the SWIFT code, which is individual for each Russian bank, into the payment order for an external financial transaction;
- specify the recipient's account;
- note in the document that the operation is carried out outside the EU.
How to find bank details? There are several ways.
- In any branch of Sberbank. Details of the financial institution can be found in a conspicuous place. They are posted on posters, signs, calendars and banners. Each employee of the department has them in printed form at his workplace.
- Through the hotline. You can get all the information you need 24/7 free of charge.
- When using online services. When filling in the sender's data, the system always shows the details of Sberbank. There you can also get the recipient's data if it is entered into the system.
What details are needed for a transfer to a Sberbank account from abroad
As already mentioned, the IBAN code is not needed when transferring funds to the recipient's account serviced by Sberbank. But why do you need an IBAN code in Sberbank? You need to know it only when transferring to foreign partners from the EU.
In order for the transfer to the recipient's account in Russia to arrive on time, you need to fill out the payment order correctly. It must indicate the full name, passport details, bank details, account number, information about the bank branch serving the recipient.
As you can see, the IBAN code is not needed for reverse payments.