The International Bank Account Number (IBAN) is an internationally agreed system of identifying payment accounts across national borders to reduce the risk of transcription errors. Before the introduction of IBAN various countries had their own national standards for bank identification. For example, in the United Kingdom there was the sort code and in Germany the Bankleithzahl. With IBAN all these different systems are merged into one format.
While the IBAN system was published in 1997 by the international organization for standardization it took years before most countries have adopted the format. An IBAN starts with the two letter country abbreviation, then two check digits and then the çountry-specific and user-specific string of alphanumeric characters.
Bitsafe provides unique IBANs to all its customers, both talent and businesses alike. The IBANs of Bitsafe are easily recognizable. Bitsafe issues these IBANs from the Netherlands. Therefore all Bitsafe IBANs start with NL, then two check digits, then BITS (the first four letters of Bitsafe’s BIC/SWIFT number) and then a 10-digit account number.
Format Bitsafe IBAN: NLxxBITSyyyyyyyyyy
IBANs are used in local account transfers (from one Bitsafe account to the other), SEPA transfers and wire transfers.
SEPA is the abbreviation for the Single Euro Payments Area and consists not only of the euro countries, but also of the other European Union countries, other European countries and their dependencies. SEPA transfers are fast and affordable. Most SEPA transfers are completed on the same day. Bitsafe IBANs participate fully in SEPA and Bitsafe has adhered to the Sepa Credit Transfer rules provided by the European Payments Council.
If you send money to a Bitsafe IBAN from one of the SEPA countries and their dependencies these funds will be made instantly available in your Bitsafe account.
A wire transfer is either a) sending or receiving money from and/or to countries outside the Single European Payments Area (SEPA) or b) sending or receiving non-euro payments from and/or to countries within SEPA. Wire transfers are more costly and incoming wires take more time to become available in your Bitsafe account.
Bitsafe works with a variety of banks to execute incoming and outgoing wire payments. Although Bitsafe operates its own BIC/SWIFT code: BITSNL2A, it doesn't use this BIC/SWIFT code for incoming wire transfers (yet). All wire transfers to any Bitsafe account should be send to one of the banks that Bitsafe is using, using the Bitsafe IBAN in the description field "for further credit to NLxxBITSyyyyyyyyyy".
What's next? SEPA Instant Credit Transfer
The year 2020 will be the year that more and more banks will launch SEPA Instant Credit Transfer. Bitsafe will also implement these new rules allowing to receive and send payments less than 10.000 euro in less than 10 seconds. SEPA Instant Credit Transfer will be a true competitive product to credit card transactions.