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Details needed for a bank transfer?

  • 31-07-2014 2:48pm
    #1
    Tweej
    Registered Users, Registered Users 2 Posts: 171 ✭✭


    I'm getting a deposit back, and I was just wondering what details do I have to send them? Account number and sort code? We're both located in Ireland.

    There's all this stuff about IBAN/SWIFT/BIC which I'm not sure if this is only for external transfers or within Ireland also.


Comments

  • #2
    BuffyBot
    Registered Users, Registered Users 2 Posts: 24,924 ✭✭✭✭BuffyBot


    BIC and IBAN is generally what you need to provide. Where is the transfer coming from?


  • #3
    Tweej
    Registered Users, Registered Users 2 Posts: 171 ✭✭Tweej


    BuffyBot wrote: »
    BIC and IBAN is generally what you need to provide. Where is the transfer coming from?

    An irish account, not sure which bank however. But thank you, I'll just pass on those two


  • #4
    craoltoir
    Registered Users, Registered Users 2 Posts: 781 ✭✭✭craoltoir


    You will need your BIC and IBAN numbers.

    You can convert your sort code and account number to BIC and IBAN here.

    http://www.ipso.ie/section/ipsosepaservices



    This information is required since SEPA became operational on February first for electronic payments. Information about SEPA should be available on your bank's website. See here for infor on PermanentTSB website:

    https://www.permanenttsb.ie/about-us/need-help/are-you-ready-for-sepa/index.html

    Your BIC and IBAN should be on your statement. The BIC identifies your bank and the IBAN identifies your account.


  • #5
    BazzaDP
    Registered Users, Registered Users 2 Posts: 69 ✭✭BazzaDP


    craoltoir wrote: »
    The BIC identifies your bank and the IBAN identifies your account.

    Good post but this bit isn't 100% correct -though appreciate you probably just gave the simplified explanation.

    If anyone is interested, if you look closely, the the last 14 digits of the IBAN actually is made up of your old 6 digit sort code and your old 8 digit account (for most people with a relatively small number of exceptions). And in fact your bank name is also the 4 characters before these details. So the IBAN actually contains both your bank and account details and the BIC repeats your bank details again. Therefore the BIC shouldn't really be needed for transfers within Ireland, nor within Europe. Despite that it IS needed at the moment while everyone gets used to the IBAN format. It will be phased out over the next two years for domestic and European transfers.

    BIC will only be needed for International transfers after 2016. Though I'd guess companies and banks will be slow to remove it from their processes and it will probably hang round for a long time even after it's no longer required...


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