Bank details for foreign payments
The core details every foreign payment needs
Whenever you receive funds from abroad, banks need a set of details to move the payment to your account. The starting point is always the account holder's name combined with the account number or its international counterpart, the IBAN. You'll also need the bank's identifying code and the name and address of the bank. This combination directs funds accurately to the intended recipient.
If you're based in a country that uses IBAN (mostly across Europe and the Middle East), this number is essential, it begins with your country's two-letter code and features check digits for validation. To pinpoint your specific bank, the BIC (sometimes called the SWIFT code) is used; it's a unique identifier for your branch or banking institution. You can typically locate both codes in your online banking profile or on your paper account statements. The network used for your payment, SWIFT or SEPA, depends both on the payment’s currency and where it’s headed. Details on those differences appear in SWIFT vs SEPA for business payments.
Local bank codes for countries without an IBAN
IBANs aren't universal. For instance, transfers to the United States require your client to enter your account number and a routing number, this routes payments within US banks. If you're receiving UK payments, expect to share your sort code along with your account number. In Australia, it's the BSB code, and in Canada, banks use a transit number paired with an institution number.
Banking rules and requirements change. It helps to ask your or your client's bank exactly which fields their system needs for the target country. Certain forms may also request details like your home or business address, or even a code stating the payment’s purpose (common for business or regulatory reasons). If a field is on the payment form, fill it in. Don’t leave required blanks empty if you want your payment to arrive without extra delays.
Common mistakes that cause bounced payments
Most payment failures happen because of small mistakes. Typing an IBAN or BIC incorrectly very often means your payment goes missing for days or even returns undelivered. When the account name fails to match exactly with your bank’s record, for example, if a business invoice is paid to someone's personal account, the transfer may be blocked or held back for a check.
Other obstacles? Using a bank account that's only in one currency when the payment comes in another, missing out the bank's address, putting down details for an account that’s already closed, or simply omitting the invoice number as a reference. The safest route is to copy all details from an official document: a bank statement, a payslip, or the client’s latest invoice.
Frequently asked questions
Why do international payments bounce back to the sender?
The biggest cause of returned international payments is mismatched information. When your details, like IBAN, account number, or BIC, don’t fit with what the receiving bank expects, the payment is usually declined or sent back. Payment returns also happen if the name on the transfer doesn't match the beneficiary bank’s records, or if the account has been closed. Returned funds might be lower than the sent amount because sending and intermediary banks can deduct their fees. Double-check before resending. You can find further explanation at why an international payment was returned.
Should I give my personal bank details to a client?
It is best to use an account in the company’s name for business payments. Accepting transfers to a personal account can invite questions from your bank, compliance checks that create delays, or outright rejection. Recordkeeping is simpler with a business account, too. If you only have a personal account, talk with your bank first about what’s permitted before giving those details to any client.