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If someone in Europe asks for your IBAN to send you money, it is normal to feel lost: in much of Latin America, that term is not used. The IBAN was born as a European banking standard, and only a few Latin American countries have adopted it.
The IBAN (International Bank Account Number) is a standardized number that identifies bank accounts in Europe, parts of the Middle East and North Africa, and some Latin American countries. Among the countries to which Félix sends money, Costa Rica, Guatemala, El Salvador, and the Dominican Republic use IBAN. In Mexico, on the other hand, the CLABE is used.
What exactly is an IBAN code?
IBAN stands for International Bank Account Number. It is a standard defined by ISO 13616 and was created so that European banks could uniquely identify accounts when processing cross-border transfers.
An IBAN code has the following structure:
- 2-letter country code (for example, "ES" for Spain, "DE" for Germany)
- 2 check digits that allow for verifying that the number has no errors
- Up to 30 alphanumeric characters that identify the bank, the branch, and the account number
The total length varies by country, with a maximum of 34 characters. A Spanish IBAN, for example, has 24 characters; a German one has 22.
The IBAN is not an independent code: it is always associated with a specific bank account at a specific bank in one of the countries that adopted the standard. It is not created or requested separately: if your bank uses it, you already have one assigned automatically.
In which countries is the IBAN used?
The use of the IBAN is concentrated mainly in Europe, although some countries in the Middle East, North Africa, and Latin America have also adopted it. The most common cases:
- All European Union countries
- United Kingdom
- Switzerland and Norway
- Gulf countries such as Saudi Arabia and the United Arab Emirates
- Some North African countries such as Tunisia and Jordan
- Some Latin American countries, such as Costa Rica, Guatemala, El Salvador, and the Dominican Republic
Many Latin American countries do not use IBAN. Their banking systems were developed with their own local standards, such as the CLABE in Mexico. For international transfers to those countries, banks use the SWIFT code along with the local account number.
What is the difference between the IBAN, the SWIFT, and the CLABE?
All three are bank identifiers, but they serve different purposes and operate in different regions. This table summarizes the differences:
| Identifier | What does it identify? | Where is it used? | Length |
|---|---|---|---|
| IBAN | The recipient's bank account | Europe, Middle East, North Africa, and some Latin American countries | 15-34 characters |
| SWIFT / BIC | The bank (not the account) | International, used in transfers between countries | 8 or 11 characters |
| CLABE | The recipient's bank account | Mexico only | 18 digits |
| Local account number | The recipient's bank account | Varies by Latin American country | Varies by bank and country |
You can read more about the differences between these systems in the article Interbank CLABE vs. account number or in the full definition of the SWIFT code.
What information do you need to provide to receive money from the United States with Félix?
Félix sends money from the United States to Latin America, not from Europe. If someone sends you money from the U.S. using Félix, Félix operates via a local bank transfer to the destination country, not as a traditional international wire transfer.
What you need to provide depends on the country where you are located:
If you are in Mexico: your 18-digit interbank CLABE. Not your account number, not your IBAN (it doesn't exist), but the CLABE. You can see how to obtain it in the article How to receive money from abroad in Mexico?
If you are in another Latin American country: your local bank account number and, in some cases, your bank's SWIFT code. In countries that have adopted the IBAN, such as Costa Rica, Guatemala, El Salvador, or the Dominican Republic, your bank can provide your account number in IBAN format. The article How to receive an international bank transfer? details what to ask your bank for depending on the country.
If someone asks for your IBAN and your country does not use that system (like Mexico), the correct answer is: "My country does not use IBAN." Instead, share your local account number (or your CLABE, in Mexico) and your bank's SWIFT code.
Frequently asked questions
Do Latin American countries use IBAN?
Some do. Costa Rica, Guatemala, El Salvador, and the Dominican Republic have adopted the IBAN standard, but many countries in the region, such as Mexico, do not use it. In those countries, international transfers are processed using the receiving bank's SWIFT code along with the recipient's local account number (or the CLABE in the case of Mexico).
Can I create or request an IBAN for my account?
You cannot create an IBAN for an account in a country that does not use the standard. The IBAN is generated automatically by banks in countries that have adopted it. If your bank is in a country that does not use IBAN, such as Mexico or Colombia, you simply do not have an IBAN and do not need one.
What is the SWIFT code for if the IBAN already exists?
The SWIFT (or BIC) and the IBAN are complementary, not equivalent. The SWIFT identifies the bank, and the IBAN identifies the account within that bank. To make a transfer to Europe, both are generally needed. For Latin American countries that do not use IBAN, the receiving bank's SWIFT code is used along with the local account number.
What happens if someone sends money to the wrong IBAN?
The money is credited to the account corresponding to that IBAN, regardless of the name entered. It is important to verify the number digit by digit before sharing it. The 2 check digits of the IBAN detect basic typos, but they cannot know if the number corresponds to the correct person.
Sources and references
International banking standards
- SWIFT: IBAN standard (Technical specification of the ISO 13616 standard and list of countries that have adopted it.)
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