What do IBAN and BIC mean and where can I find them?

IBAN stands for "International Bank Account Number" and refers to the bank account number. It is a globally valid number for a current account. So far, the IBAN has only replaced the previous combination of account number and bank code in international payments. The IBAN is now standard for cross-border payments within the EU and EFTA states.

The abbreviation BIC stands for "Bank Identifier Code". The BIC, together with the IBAN, allows the account details to be assigned to a financial institution. The BIC includes the name of the recipient bank, the country code, and a branch identifier. The BIC enables financial institutions to be uniquely identified worldwide.

You can find both numbers on your bank statement.