Opening an international bank account number (IBAN) account online has become increasingly popular in recent years as more businesses look to expand internationally and take advantage of the ease of cross-border payments the European Union's standardized banking numbering system provides.
In this article, we'll walk through the process of opening an IBAN account online, including what documents are typically required and how long the process usually takes.
Can I Open an IBAN Account Online?
Yes - opening an IBAN bank account entirely online is very possible nowadays through platforms designed specifically for digital account opening like Jetonbank.
With just a few required identity and address verification documents, residents in many countries can have a fully functional cross-border IBAN account set up within a matter of just a few business days.
The ability to open an international IBAN account online from the convenience of your computer or mobile device removes many historical barriers to easy cross-border banking.
It allows both individuals and businesses to take advantage of the unique benefits of the IBAN system for receiving and sending payments globally.
Platforms like Jetonbank make the online account opening process simple, secure and streamlined.
Which Documents are Required to Open an IBAN Account?
To verify your identity and comply with know-your-customer (KYC) and anti-money laundering (AML) regulations, Jetonbank will require you to submit certain documentation when opening an IBAN account online.
The standard requirements include:
Proof of Identity
A valid government-issued photo ID such as a passport or driver's license. Scanned copies or photos of the front and back of your ID are typically sufficient.
Proof of Address
A utility bill, bank statement, or other document showing your current residential address dated within the last 3 months.
Source of Funds
Details on the origin and intended use of the funds that will be deposited into the new IBAN account. This helps ensure the account will not be used for illicit activities.
If opening a business IBAN account, you may also need to provide business registration documents and authorization to verify the identity of beneficial owners.
The exact requirements can vary depending on your country of residence and the bank, but submitting clear, legible copies of the standard identity and address verification documents is usually all that's needed.
How Long Does It Take to Open an IBAN Account Online?
Once you've submitted the necessary documentation, the account opening process with many digital banking platforms like Jetonbank is quite fast, often taking just 1-3 business days once your application has been reviewed and approved.
Some key factors that influence the timeline include:
- Country of Residence - Accounts for residents in countries with stricter regulations may take slightly longer to verify. EU/EEA residents typically see the fastest processing.
- Documentation Quality - Submitting clear, legible copies of all requested documents upfront helps speed up the review. Incomplete applications lead to longer wait times.
- Time of Application - Weekend or holiday applications may be processed on the next business day. Applying early in the week allows more time for review before weekends.
As long as you provide all required information correctly the first time around, it's very possible to have a fully functioning IBAN account within 3 business days or less by opening online with a digital banking platform like Jetonbank.
Can I Open a Business IBAN Account Online?
Yes, opening a business IBAN account fully online is also supported by many banks. Jetonbank provides a streamlined process for businesses and freelancers to set up a corporate IBAN account without the need for in-person meetings.
In addition to the standard identity verification documents, you'll need to submit business registration documents and proof of ownership or authorization.
The application may take slightly longer than a personal account as more details need to be vetted for regulatory compliance. However, well-prepared business applicants can still expect to have their IBAN account opened within 5 business days or less through an online application.
An online business IBAN account offers many of the same advantages as a personal account, including the ability to receive and send international payments with ease.
It also allows businesses to separate personal and company finances easily while taking advantage of the additional features some banks provide aimed at businesses like multi-user access, batch payments, and accounting integrations.
What is the Difference Between a SWIFT Code and an IBAN?
When setting up international money transfers, it's important to understand the difference between a SWIFT code and IBAN. These two identifiers are often used together but serve distinct purposes:
SWIFT code (also known as BIC code): This is an 8-11 character code that uniquely identifies the bank the transfer is being sent to. It is used primarily by financial institutions to process transfers between banks.
IBAN (International Bank Account Number): The IBAN is a standardized alphanumeric code up to 34 characters that includes the country code, check digits, and account number. It uniquely identifies the recipient's account.
- SWIFT code identifies the recipient's bank
- IBAN identifies the recipient's specific account at that bank
Both are required for international wire transfers. While a SWIFT code alone can be used between banks, an IBAN ensures the funds are credited correctly and reduces errors.
Platforms like Jetonbank make it easy to find both the SWIFT code and IBAN for your account in one place once it is opened.
Opening an IBAN bank account online is a straightforward process that only requires basic identity documents and a few business days to complete.
Digital banking platforms have made accessing international payment capabilities as easy as signing up for an online service.
Whether you're an individual looking to receive funds from abroad or an expanding business sending and receiving cross-border, an online IBAN account provides a reliable, globally recognized method for transacting with ease.
To get started today, simply visit the Jetonbank website to begin the quick and easy application process. One of our friendly representatives would also be happy to answer any other questions you have - simply give us a call or send a message.
