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Interesting. In the UK we just need to share account number and sort code. These are quite easy to remember in your head. IBAN would complicate things. Is IBAN
by basisword 4y ago
Interesting. In the UK we just need to share account number and sort code. These are quite easy to remember in your head. IBAN would complicate things. Is IBAN always required or only for cross-border transfers?
- a_paddy 4y agoAn IBAN is just the sort code and account number, with a prefix, so would be just as easy to remember.
- rahoulb 4y agoHowever, a sort code is always presented as 12-34-56 and the account number normally shown as 1234-5678 - so it's easily chunked and very easy to remember.
- jen20 4y agoYou also rarely need it among groups primarily using Monzo - which among my UK friend group is universal. Just pick from contacts, just like Apple Cash.
- robbie-c 4y agoI've also found paying strangers on Monzo to be ridiculously easy, you both turn on bluetooth and go to "pay nearby" screen. You just ask them "Are you <full name>?" to verify, then send money.
- basisword 4y agoWhile very true, I think the point is that if you come across someone not using Monzo as their bank it’s almost just as easy to send them money.
- AnssiH 4y agoThis varies by country, but e.g. in Finland IBANs completely replaced legacy numbers in 2010. Mine is 5 characters longer than the legacy number was (added "FI", 2 check digits, 2 padding zeroes, removed dash), for a total of 18 characters.
- andylynch 4y agoYou can use mobile phone numbers here too (though admittedly UK account numbers are easy enough most people just use those )
- dontlaugh 4y agoSome countries only use IBANs, without some other local account identifier.