IBAN Validation

If you are attempting to conduct international business, payment or money transfer, you may have come across the acronym “IBAN”. If not, it’s well worth getting acquainted.

Luckily, this blog aims to do just that. Read on for a crash course guide to IBAN validation.

What is an IBAN?

IBAN stands for International Bank Account Number, referring to the numerical identifier used to differentiate foreign bank accounts and streamline cross-border transactions.

As of 2019, there are 75 countries in total that officially use the IBAN, 34 of which are SEPA members.

Features of an IBAN

The IBAN itself consists of two letters and two digits followed by up to 30 alphanumerical characters.

IBAN vs SWIFT

Often lumped together as one in the same, IBAN and SWIFT codes are, in actual fact, separate entities used to identify different things.

While the IBAN is used to identify an individual account involved in an international transaction, a SWIFT code is used to identify a specific bank during an international transaction.

Checking an IBAN Number

IBAN validation is an effective method of minimising failed transactions when processing domestic and international payments.

For more information on IBAN numbers and IBAN validation, why not speak with one of our financial experts today? Call now on 020 7190 9559 or get in touch online by clicking the linked button below.

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Sterling has hit an 18-month high against the US dollar and a three-year high against the euro after the Conservative party won the general election with a majority. Investors have welcomed the results as the Prime Minister’s majority means clarity and certainty on Brexit. The pound’s surge vs the US dollar is one of the biggest gains in a decade and economists are now predicting that sterling could strengthen even further.

Since the release of Thursday night’s exit poll clearly showing Boris Johnson was expected to win the election, the pound has gained strength, both against the US dollar and the euro. Now investors are hopeful that Brexit will be delivered on time by the end of January 2020 with Johnson’s Brexit deal.

Conservative triumph: Best outcome for the markets

According to financial analyst at MUFG, Lee Hardman, the election is “the best outcome for financial markets in the near-term. It brings a clear end to the Brexit deadlock in parliament, which will be welcomed and help to ease some of the ongoing uncertainty. The risk of a ‘No Deal’ Brexit will pushed out until the end to next year, and the new government will not be as reliant on securing support from hard Brexiteers during future negotiations. The pound is well placed to extend its advance even after recent strong gains.”

However, other economists are warning that the possibility of a no-deal Brexit in 2020 will put more pressure on the economy. Paul Dales of Capital Economics said that “The majority confirmed in Parliament will allow Johnson to pass his Brexit deal, which would mean the UK leaves the EU on 31st January and enters a status quo transition period until 31st December 2020. A fiscal stimulus of £20bn per year (1% of GDP) may then follow in a Budget in February. But this probably won’t unleash a tidal wave of business investment that leads to much faster GDP growth, much higher interest rates and a much bigger rise in pound than the gain … already seen. That’s because businesses will fear that the UK could end up trading with the EU on WTO terms after 31st December 2020, the immediate effects of which would be similar to those of a ‘no deal.’”

While many investors and analysts have highlighted the uncertainty regarding the next phase of Brexit and the future relationship the UK will negotiate with the EU, nonetheless, the Conservative’s victory is the ideal result for businesses as a clear majority eliminates the risk of a hung parliament and Corbyn’s radical politics, and eases anxiety about Brexit.

Getting Brexit done

This is why, the next step would be for the Prime Minister to secure the right deal with the EU so that businesses can thrive. The Institute of Directors, for example, is asking Johnson to give time to businesses to adjust and secure the right deal with the EU rather than just any deal. Jonathan Geldart, director general of the Institute of Directors, said:

“Business leaders’ thoughts will immediately be turning to Brexit. For directors, ‘Get Brexit Done’ will only have meaning once the details of our long-term future relationship with the EU are clear, they need a framework to plan for the future from. The Prime Minister must resist the urge for arbitrary negotiating deadlines, and should commit to a proper adjustment period that starts when businesses know the full detail of what changes they may be facing. Our members have made clear that the content and shape of any new deal are much more important than simply the speed in getting there.”

Not only the markets, but also the US president welcomed the results. Donald Trump tweeted: “Congratulations to Boris Johnson on his great WIN! Britain and the United States will now be free to strike a massive new Trade Deal after BREXIT. This deal has the potential to be far bigger and more lucrative than any deal that could be made with the E.U. Celebrate Boris!”

Indeed, with the election results, the UK has demonstrated its preference for Johnson’s clear-cut logic for getting Brexit done and its distaste for Corbyn’s left-wing policies. At the same time, analysts are cautious about the dampening effect Brexit has had on growth and the uncertainty it will continue to exert on the economy as the UK strives to secure a trade deal.

Transferring money overseas?

If you are transferring money overseas and want to protect your funds from currency fluctuations, then getting in touch with currency exchange specialists Universal Partners FX, will provide you with the certainty and security you need. UPFX monitors the markets and offers strategies to manage market volatility so you always know your money is delivered fast and securely. For more information, visit their website or give them a call.  

With Brexit being shrouded in uncertainty, many Brits are dreaming of moving abroad and buying property in the vibrant and romantic southern part of France. 

Southern France and, particularly, Provence, as a Telegraph article tells us, is also the place where Vincent van Gogh produced more than 150 paintings, a place where “the lure of the Bouches-du-Rhône department of Provence endures” to this day. Beautiful and magical, “an hour north-west of Marseille and 25 minutes south from the Eurostar or TGV at Avignon, there is a sophisticated array of eateries that service a well-established second-home market, where a pale-olive or dove-grey shuttered Provençal stone mas (farmhouse) is the dream.” It is not difficult to imagine the lures that have driven many of us to such a location. 

Natural beauty dispels Brexit fears 

Brexit anxieties, the spectre of Britain’s European identity weighing heavy on the political landscape, seem to dissipate as one imagines the French medieval villages nested amidst olive trees and pines. As an agent with Knight Frank attests: It’s a “picture-perfect cluster of medieval villages, with traditional weekly markets under plane trees, all with the backdrop of the foothills of the Alpilles, this is classic Provençal life.”  

There is culture and art everywhere, with half of the buyers being wealthy Parisians and Monaco royalty, and the other half British, Swiss, Belgians and Germans. As many of us dream, a big 3-5 bedroom house with a pool and garden seems to be as close to perfection as it gets, but not without a price: “For €1 million (£900,000) you can achieve, this but not with a view; this can push up the price to €2.5-3 million.” For example, with €7.9 million, you can get pure luxury in Saint-Rémy: a “seven-bedroom property … within 10 acres of grounds with 500-odd olive trees, an outdoor cinema, a swimming pool and eye-catching sculptures.”  

Even with prices this high, buyers are still very much interested. Millions of worth of property is still as alluring as ever, since the market is active “and things go for close to asking price.” As the Telegraph article points out, “people choose to buy in Les Baux for the views and in Saint-Rémy for the address.”  

Little Britain? 

Interest in Southern France has remained strong and continues to grow, as many Brits desire their own warm corner in this part of the world. As a result, house prices have increased but, more recently and due to Brexit, prices have dropped and somewhat stabilised. Provence has become the home for many of us Brits, where we have brought our traditions, from cricket teams to fish and chips and pubs.  

But is this what we really dream of? Brexit has brought to the surface many issues regarding our identity, and replicating our British lives abroad appears to be problematic. On the one hand, “we Brits have rescued from oblivion and restored with care buildings that would otherwise be heaps of ruins. We have brought money and tourism to French regions and, in some cases, helped to revive villages that were moribund. Many Brits take an active part in the local community and in cultural and social associations, although most of us are careful to act like foot soldiers rather than generals.” 

 

For these reasons, and because of Brexit, France is in many ways our second home, but we should avoid turning this beautiful and magical corner into little Britain, altering the tranquility and unique character of French customs.  

If you are also dreaming of moving to France and, like us, you have fallen in love with that magical part of Provence, then Universal Partners FX are here to solve all your questions about buying property abroad and transferring your money. Give them a call today and find out how much they can save you when transferring your hard-earned money.