IBAN accounts explained

An IBAN begins with a two-letter country code and two check digits, followed by the domestic bank and account identifiers. The check digits let any sending bank validate the number before releasing funds, which is why a mistyped IBAN is normally rejected rather than misdirected.

Length varies by country — a German IBAN is 22 characters, an Italian one 27 — but the structure is uniform enough that automated systems across the SEPA area can parse any of them.

A named IBAN is issued in your own name or your company's name. Payroll systems, tax authorities, notaries and most corporate accounts payable check the beneficiary name against the account, and reject mismatches.

A pooled or virtual IBAN sits in the provider's name with a reference identifying you. It is cheaper to issue and works fine for many transfers, but it is exactly the arrangement that gets salary payments and property completions bounced. If either matters to you, confirm the account is issued in your own name before you rely on it.

SEPA moves euros across 36 countries with a shared format and shared timelines: standard credit transfers generally settle same or next business day, and instant payments clear in seconds where both banks support them. Fees are typically flat and small.

SWIFT handles cross-border and non-euro payments through correspondent banks. It is slower — commonly one to three business days — and can carry intermediary charges deducted en route, which is why the amount received sometimes differs from the amount sent. A provider that shows the total cost before you release the payment removes most of that uncertainty.

A multi-currency account holds separate balances per currency instead of converting everything into one base currency on arrival. If you invoice in dollars and pay suppliers in euros, both balances stay intact until you choose to convert, and you decide when the foreign-exchange cost is incurred.

At The Vision Bank those balances sit in the same ledger as your Bitcoin, stablecoins and tokenised gold, under one set of statements — so converting between a euro balance and a digital asset is an internal operation rather than a transfer between two institutions.

Account opening requires identity verification and source-of-funds checks. For individuals that usually means a passport or national ID, proof of address and an explanation of where the funds originate; most complete applications are reviewed within a business day.

Corporate applications take longer because ownership structure and beneficial owners must be evidenced. Having incorporation documents and an ownership chart ready is the single biggest determinant of how fast it goes.