European IBAN account in 2021: what it is, benefits

Uninterrupted payments are an important condition for a successful business. In the past, there were many mistakes when transferring money abroad, and transactions were delayed for days. The main reason was that there were different standards of account identification in European countries, which led to errors. The IBAN solved this problem. It is nothing else but an international number of a bank account, each digit of which facilitates its identification. Today we will talk about where to open a European IBAN account in 2021.

What is an IBAN

IBAN is a code used to standardize international bank payments. It contains a country code, an IBAN control unique number and a bank account number. Total number of characters should not exceed 34 digits.

Advantages of European IBAN account

Use of IBAN allows:

• Ensuring uninterrupted payments;
• Making transfers cheaper and often without any fees;
• Quickly performing transactions. 3-4 days were the norm before, now 30 minutes is considered a delay;
• Issuing invoices to partners who are located in different countries;
• Making mass payments;
• Changing currencies online;
• Crediting direct SEPA payments to the account of any company located in the EU;
• Facilitating control over cash flow;
• Reducing costs associated with the use of different accounts, the transfer of funds between them.

Thus, opening a company account with a reliable European bank guarantees fast and efficient payment processing.

Which European bank is better to open IBAN

If you consider opening a European IBAN account in 2021, choose a reputable bank. On your part you need to prove:

• Transparency of capital - provide information about the legality of funds. European bankers pay special attention to this point;
• Tax residency - show a document that certifies citizenship, place of residence;
• What purpose the account is opened for - an important point, because banks want to know how you plan to work with the money. For example, if cryptocurrency is planned, you should choose Lithuania, Estonia or another country where it is allowed.

When choosing a bank, pay attention to its reliability, transparency of information, and credit rating.

Novo Banco (Luxemburg)

Luxembourg boasts a stable economic and political situation, and its banking system received one of the highest ratings. Pay attention to Novo Banco, a branch of the Portuguese bank founded in 1920. It works with both individuals and businesses, offering various products, among them commercial banking, insurance, securities transactions, and lending. Each account holder is assigned a 20-digit IBAN.

RCB in Cyprus

RCB is one of the largest banks on the island and serves individuals and companies from many countries around the world. Its offices are located in Luxembourg, London and Moscow. The bank will easily open a corporate account if the company operates legally and can provide transparent information about its work and shareholders.

Varengold Investment Bank AG (Germany)

Varengold Investment Bank AG is headquartered in Hamburg; it also has offices in London and Dubai. The bank specializes in asset management and hedge fund strategies. It also provides investment and brokerage services. If you choose to work with this bank, you'll get direct access to Meta Trader, one of the largest trading platforms. You'll also be able to work in Forex and CFD through one account.

Where to open a European IBAN account
If you would like to open an IBAN account with one of the European banks, contact IT-OFFSHORE, and we will find the best option for you.