In the particular case of payment accounts domiciled in Portugal, the IBAN is composed of the NIB (Banking Identification Number), corresponding to the Portuguese BBAN, preceded by the country code ('PT') and two check digits (in Portugal's case, these digits are always '50').
Do you need an IBAN in Portugal? Yes. If you're making – or expecting to receive – an international money transfer to a bank account in Portugal, then just a standard bank account number isn't enough.
The IBAN number consists of a two-letter country code, followed by two check digits, and up to thirty-five alphanumeric characters. These alphanumeric characters are known as the basic bank account number (BBAN).
The IBAN check digit consists of two digits in positions 3 and 4 of the IBAN. It is calculated using the MOD97 algorithm and provides the primary integrity check for the IBAN standard.
Thus, in Portugal the IBAN comprises 25 alphanumeric characters, which are structured as below. The IBAN's country code is defined under ISO 3166 (ISO 3166-1 alpha-2 code). Based on this standard, the two first positions of the Portuguese IBAN contain the letters 'PT'.
IBANs are not used in Australia. However, payers in certain countries may require you to provide one. In that case, your BSB and account number should be combined.
Identification. The main difference between an IBAN and SWIFT BIC code lies in what they're used to identify. A SWIFT code refers to a bank, while an IBAN will identify a specific bank account. Basically, a SWIFT number tells you where to pay, and an IBAN tells you who to pay.
Send money to Portugal FAQs
Choose your destination country and currency. Enter your recipient's details. You'll usually need the recipient's full name and their bank account number and bank code. Some payment methods and destination countries may require additional information.
You will use your IBAN to receive international transfers, but it is not needed for transfers you initiate or for withdrawals. The IBAN is primarily used in European and European Union countries.
It is absolutely safe to give anyone your IBAN number. That's because it only exposes data that allows someone to send money to you, and not personal account details.
Is It Safe To Give Out Your IBAN Number? It's perfectly safe to give out your IBAN number, as IBAN numbers are designed to route transactions to between individual bank accounts. It's also safe to ask to ask another person or company for their IBAN number.
Do banks in Australia use IBAN codes? No. Banks in Australia don't use IBANs to identify specific banks or account numbers. We use SWIFT codes instead.
IBAN is an account format used by European banks. Australian banks do not use this format and an IBAN is not required to send money to a Commonwealth bank account in Australia.
Banks based in Australia, the US, China, and New Zealand do not use IBANs, but instead use a routing number as well as a SWIFT code (otherwise known as a BIC code) when processing wire transfers.
Caixa Geral de Depositos, nevertheless, is one of the best banks in Portugal for foreigners. It is also the only and biggest state bank in the country. The top private banks in Portugal are Millennium BCP, Novobanco, Banco Santander Totta, and Banco Português de Investimento.
Usually, a transaction within the SEPA can take between one to two working days. However, for other areas, it can take around five working days. Still, this may vary according to the amount sent, the bank's schedules, or any national holidays. For example, Portuguese banks usually close at 15:00.
A Republic of Ireland IBAN is made up of 22 characters. The middle 6 digits are the Sort Code of the beneficiary bank and the last 8 digits are the Account Number.
An IBAN consists of up to 34 letters and numbers and follows a specific format. In the UK, IBANs consist of 22 digits and include the country code, check digits, bank code, sort code, and bank account number. The first two letters represent the country where your bank is located.
IBAN number (International Bank Account Number)
An IBAN number begins with two-letter country code followed by a two-digit IBAN checksum. Next follows 4 digits from the SWIFT code. After this there can be up to 35 characters which are used to identify the individual bank account.