To simplify international transactions between financial institutions of different countries, a special IBAN (International Bank Account Number) has been created.
There are only 27 digits and two letters in the IBAN number. You can decrypt the code in this way:
- Letters – country code;
- 2 check digits;
- 6 digits of the bank’s MFI;
- 5 zeros;
- 14 digits that make up the account number.
International accounts are created to save time and to make SWIFT payments more efficient. Thanks to the use of IBAN, settlements between countries are getting simplier and cheaper, as well as the time of money transfers is reduced.
Opening an IBAN account
Opening an IBAN account in euros means keeping up with the times. This is one of the most reliable ways for entrepreneurs and individuals to ensure constant control and be able to manage their funds at any time.
It is very easy to open an IBAN account online. To do this, you need to go through a simple registration on the WestStein website by filling out a form that specifies the name, surname, company name, address, phone number and e-mail. Having such an account significantly simplifies the process of conducting various payment transactions between financial institutions of different countries of the world. By opening an IBAN account for free, it can be used both to send funds and to receive them. You can transfer or receive absolutely any amount with minimal commission costs.
In order to create an IBAN account, you do not need to go to a financial company with a package of various documents. Thanks to the constant improvement of online technologies, an account is created in almost a few minutes. As a result, you get 29 symbols, which are an individual IBAN account.
The account number begins with the alphanumeric designation of the country in which it was opened, the bank data and the control number. The control number is a protection against making mistakes when conducting financial transactions. The second part of the account number is the number itself.
Advantages of an IBAN account
Many businessmen and individuals have already realized that IBAN is a reliable online account, which also saves time and simplifies the process of financial transactions. The IBAN payment mechanism is also appreciated by the fact that the creation of an account is possible in any place where there is an Internet connection. A simplified registration form can be filled out even with a smartphone.
After opening an IBAN account, you will have the opportunity to use all the advantages that European banks provide to their customers. These privileges can be used even if you do not live in this country for a long time.
There are many advantages for doing business. It will be easier to establish communication with partners, investors and customers, as well as to make settlements with them, while paying a minimum commission.
You will be able to carry out financial transactions in a few mouse clicks. At the same time, you will forget about the delay of transactions forever, the money will be transferred instantly. This has a positive effect on the trust of partners, and the work will become easier.
Functional purpose of the IBAN account
A reliable online account is perfect for storing funds in euro as a freely convertible currency around the world. For private use, it is convenient to use the card number that is linked to your account.
The Weststein online settlement account is often opened to pay salaries to employees who work remotely or in another country of the world. This will be a separate card with individual banking details. Funds can be transferred to the card, as well as transferred to other cards or current accounts. Another important feature the card is the extended functionality. Currency conversion on the card is automatic, which significantly saves money and time.
The commission when working with the card is minimal. This applies both to transfers within the borders of one country and beyond its borders.
You can replenish your account in any convenient way. Choose any method – money transfer from one bank card to another, replenishment in the terminal or from one account to another.
Management and control of funds can be carried out in your office. You will be able to easily track the expenditure of money and the amount of receipt and analyze financial transactions.
To use an IBAN account you do not need to check your credit history, and purchases made online will be safe and will not go beyond the planned budget. A special advantage and convenience is the ability to link three cards to it, which makes it a family financial instrument.
Use IBAN accounts all over the world with pleasure!