{"id":1883,"date":"2024-07-09T08:35:58","date_gmt":"2024-07-09T06:35:58","guid":{"rendered":"https:\/\/info.openlane.eu\/?post_type=faq&p=1883"},"modified":"2024-11-27T22:02:08","modified_gmt":"2024-11-27T21:02:08","slug":"6-7-what-do-the-bank-codes-iban-bic-sepa-and-sha-mean","status":"publish","type":"faq","link":"https:\/\/info.openlane.eu\/en\/help\/faq\/for-buyers\/cost-payments\/6-7-what-do-the-bank-codes-iban-bic-sepa-and-sha-mean\/","title":{"rendered":"6.7 What do the bank codes IBAN, BIC, SEPA and SHA mean?"},"content":{"rendered":"

To be able to make payments, you need to understand the various bank codes that are involved. The following is an explanation of what these codes stand for and which types of transactions they apply to.<\/span><\/p>\n

IBAN (International Bank Account Number)
\n<\/strong>An IBAN is an internationally recognised, standardised number that\u2019s used to identify a bank account. It contains up to 34 alphanumeric characters, beginning with a double-digit country code, followed by two check digits that confirm the validity of the IBAN, and ending with a BBAN (Basic Bank Account Number) that contains specific bank and account details. The format of the BBAN varies from country to country, but generally includes a bank code and branch code.<\/span><\/p>\n

BIC (Bank Identifier Code), aka SWIFT code
\n<\/strong>BIC and SWIFT code refer to the same thing: a code of 8 to 11 characters that\u2019s used to identify a specific bank in an international transaction. Each bank has a unique BIC\/SWIFT code to ensure money transfers end up in the right place.<\/span><\/p>\n

SEPA (Single Euro Payments Area)
\n<\/strong>SEPA is a pan-European network that enables people to send and receive payments in euros (\u20ac) between two bank accounts within the eurozone. With SEPA, transferring money within the eurozone is as easy as a domestic bank transfer. SEPA has 36 member states: Andorra, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland, The Netherlands and Vatican. The United Kingdom remains a SEPA country despite Brexit.<\/span><\/p>\n

SHA (Shared)
\n<\/strong>SHA means that you only pay your bank\u2019s outgoing transfer charge. We receive your payment minus the correspondent bank fee, i.e., intermediary bank charges.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

To be able to make payments, you need to understand the various bank codes that are involved. The following is an explanation of what these codes stand for and which types of transactions they apply to. IBAN (International Bank Account Number) An IBAN is an internationally recognised, standardised number that\u2019s used to identify a bank…<\/p>\n","protected":false},"author":1,"featured_media":0,"template":"","meta":{"_acf_changed":false,"footnotes":""},"faq_category":[160,166],"class_list":["post-1883","faq","type-faq","status-publish","hentry","faq_category-for-buyers","faq_category-cost-payments"],"acf":[],"yoast_head":"\n6.7 What do the bank codes IBAN, BIC, SEPA and SHA mean? \u2013 OPENLANE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/info.openlane.eu\/en\/help\/faq\/for-buyers\/cost-payments\/6-7-what-do-the-bank-codes-iban-bic-sepa-and-sha-mean\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"6.7 What do the bank codes IBAN, BIC, SEPA and SHA mean?\" \/>\n<meta property=\"og:description\" content=\"To be able to make payments, you need to understand the various bank codes that are involved. 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