The international bank transfer is one of the ways that allows us to send money from different countries. Cash transfer, wire transfers, international money orders and some government services designed for this are other available alternatives. However, the international bank transfer has been preferred for security purposes in recent years because, in addition to being an easy and fast method, banks have made an effort to guarantee security in the process. In Use This API For International Bank Transactions In 2022 we will talk about IBAN Validator API; a tool that will guarantee secure transactions.
What is an international interbank transfer?
Unlike traditional bank transfers, where the sender and the beneficiary are in the same country, in the international bank transfer both are in different countries and the transfer is through currencies.
Currency is any foreign currency entering a country marked as the point of origin. For example, in the United States, some currencies that operate are the Mexican peso, the pound sterling, the euros and the Canadian dollar, while the US dollar is the national currency.
In addition to the currency, checks issued and balances in bank accounts that are expressed in any foreign currency are counted within the currencies.
What do you need to make an international bank transfer?
As in any movement, to make a successful transfer you need some data from the recipient. For international transfers, you will need the following information:
- Recipient’s name
- IBAN code
- SWIFT or BIC code
Recipient’s name
The name of the recipient, in addition to being the first identification of the person, helps to verify that the following data is from the same user. Check that the recipient’s name is complete and has no errors.
IBAN code
The IBAN code has a function similar to the bank account number, since it allows the user of the account to be identified. However, this number is broader since it has 24 digits, which include 2 letters that serve to identify the country of origin and 2 control digits that function as a security element, while the rest correspond to the account number; traditional bank.
SWIFT or BIC code
On the other hand, the international bank transfer code or Bank Identifier Code (BIC), or the Society for Worldwide Interbank Financial Telecommunication (SWIFT); is the number with which the beneficiary’s bank is identified.
All banks have a SWIFT or BIC code and it can have 8 to 11 digits and provides information about the bank code, the country to which it belongs, the location and the bank branch. For example, the intermediary bank for your Seis card is Blue Ridge Bank, so the SWIFT or BIC code you use in your international bank transfer request will contain information about this bank.
IBAN Validator API: The Best API For International Bank Transactions
IBAN Validator API allows you to validate any bank account information (IBAN, BIC/SWIFT, and BBAN) programmatically. It will validate any number from any Euro country and can also generate IBAN. This API will receive IBAN and perform validation. You will know if the number is correct. It also retrieves additional information about the bank, giving you more information about where the account is located.
What are the most common applications for IBAN Validator API?
Check the IBAN of your provider. You will be able to validate your provider’s IBAN number using this API before making any transactions.
Dynamically generate IBAN numbers. This API allows you to easily convert BBAN numbers to IBAN numbers. If you need to give someone outside your country your bank information, they will need IBAN, so you will automatically generate these numbers for them.