International Payments - IBAN, BIC, SEPA, SWIFT, etc


(Denis Flanagan) #1

Hi Guys

Got my new card Today !! Been using the other on holidays for a while now .
My question is where do i find my IBAN and BIC , i need these if I am going to have my salary paid into this account

Thanks


IBAN Number
Iban/swift
Bic/Swift/Iban
How do I make SEPA payment?
Being paid in other currencies
Monzo IBAN and SWIFT?
International Bank Wire Transfer
Bic/Swift/Iban
(Hugh) #2

Hi @Denbhoy,

Glad to hear you’ve been enjoying the account :+1:

If your salary is paid within the UK, you should just need an account number and sort code? If not, you will need to use a service like Transferwise as Monzo doesn’t support SWIFT currently (the system that uses IBANs) - sorry about that :frowning:


(Denis Flanagan) #3

my company only uses iban ,will need to wait till you have facility


(Hugh) #4

Interesting…

If they are paying from a UK account to a UK account I don’t think there would be nay need for this?

Might be worth sending an email to your finance department?


(Denis Flanagan) #5

we are an international company. So think it comes from an another country


(Hugh) #6

Hmm makes sense.
You are aware most legacy banks will charge for you receiving an international payment?


#7

Is that true? Barclays, TSB, and Santander never charged me for receiving SEPA payments from France, Germany, or Italy, so I’m genuinely curious. (Obviously they may use slightly different conversion rates, and you might argue that that constitutes a fee, but given that those have usually been well within 0.5% of the rate on xe.com for a given day I don’t really think so.)

edit: Just a quick one:

“There’s no charge for euro payments from EU/EEA countries as long as a valid IBAN and SWIFTBIC are provided.”
(Source: Barclays)


(Denis Flanagan) #8

Not True , i have been receiving my salary via IBAN for years


(Tommy Long) #9

There’s no such thing as “receiving via IBAN”. IBAN is just your normal UK bank details with some other details attached. There’s a good chance your company insist on collecting IBAN, etc. and then recognise it’s UK and strip it down to the usual sort code and account number and use BACS


#10

Some large companies in UK require an IBAN as their staff salaries are paid by SEPA from a central finance dept on the continent


(Marcos Scriven) #11

I came looking for an IBAN too - as my company also pays me from outside the UK.

Is there an ETA for this?


(Denis Flanagan) #12

I suggest you drop the attitude ! I do not work in banking , so I am only saying what i know ,apologies if i used the wrong "terminology "


(Tommy Long) #13

What attitude? I just pointed out that BIC and IBAN are just expanded sort code and account number, i.e. you can get someone’s sort code and account number from their BIC and IBAN just by trimming them down, therefore having to give your IBAN to your employer doesn’t necessarily mean they’re paying you via SEPA or SWIFT, they might be using BACS still


(Hugh) #14

Yeah I guess this is true.
I’ve had forms that have asked for IBANs or required IBANs for large multinational companies and just ignored the field and the payment has gone through just fine…

Lloyds charge me for receiving payments from another country, and more if they have to convert the currency!


#15

You should probably change your bank then :stuck_out_tongue:


(Hugh) #16

Already have :slight_smile:

Should probably have used past test


(Hugh) #18

I made a rather embarrassing mistake of assuming this meant “The Challenger Bank”. I’ve subsequently been informed it means something else (which I don’t really agree with)


(Ray Singh) #19

I had the same issue and because I work for a MNC company with offices worldwide they generally capture local bank details (sort code/ ac no) as well as IBAN. I generated a dummy IBAN using IBAN calculator website (use sort code, Ac No & BIC provided by Monzo) and all set! I’m expecting my next salary to be credited into Monzo CA (or I might not get paid at all) :joy::see_no_evil::grimacing:


(Steve) #20

Let us know how that goes, I am getting told the MONZGB21 as SWIFT/BIC is invalid :frowning:


(Ray Singh) #21

Will do Steve :blush: