Top 6 Tips to Avoid Money Transfer Fraud

If you have ever transferred money internationally or received funds from abroad, you have likely come across the term IBAN. You may have wondered, what is an IBAN number and why is it important. This guide offers clear answers.Here, you will find everything you need to know about IBANs, including what it is, how to find your IBAN, why they exist, and how they differ from a SWIFT code.What is an IBAN?IBAN stands for International Bank Account Number. It is a standardized format used to identify bank accounts across countries. The purpose of an IBAN is to ensure that international transactions are processed accurately and efficiently, minimizing delays and errors.An IBAN can contain up to 34 alphanumeric characters. Its structure typically includes:Country code (2 letters): Indicates the country where the bank is locatedCheck digits (2 numbers): Used to validate the IBANBank identifier: Specifies the bank that holds the accountBranch code (if applicable): Identifies the specific bank branchAccount number: The recipient’s unique account numberIBAN numbers from different countries look like this:France: FR1420041010050500013M02606Germany: DE89370400440532013000United Kingdom: GB82WEST12345698765432Key Banking Codes Beyond IBAN Besides the International Bank Account Number, there are two other money transfer codes you should know about:ABA routing number: Also known as Routing Transit Number (RTN), this is a 9-digit code that uniquely identifies your US bank for domestic transactions. It appears as first nine digits on the check—located on the left side before your account number. This number is vital for direct deposits, bill payments, Automated Clearing House (ACH) transfers, tax refunds, and wire transfers. Note that some banks use different routing numbers for wire transfers versus checks or ACH transactions. Always confirm the correct ABA routing number with your bank before initiating transfers to avoid delays.CHIPS: When sending high-value money through wire transfers, you may need a CHIPS UID. CHIPS stands for Clearing House Interbank Payments System. It is a 6-digit code that secures your transaction; it contains all essential details such as your name, account and routing numbers, and address in one encrypted reference. By using this identifier, banks can verify and settle transfers efficiently while maintaining strict confidentiality.How to Find Your IBANSince an IBAN is often required for international money transfer, it's helpful to know how to locate yours. Here are four common ways to find it:Bank statement: Your IBAN may be printed on your monthly statement or passbook.Bank’s website or app: Some banks offer tools to generate or display your IBAN.Online banking: Most banks list your IBAN on your account overview page.Customer support: You can also reach out to your bank's customer support, and they will provide it to you.IBAN vs. SWIFT Code: What is the Difference?IBAN stands for International Bank Account Number, whereas SWIFT stands for Society for Worldwide Interbank Financial Telecommunications. While they both are used for international money transfers, they serve different purposes.FeatureIBAN NumberSWIFT CodePurposeIdentifies individual bank accountsIdentifies banks and financial institutionsCharactersUp to 348–11Used in70+  countriesGloballyExampleGB82WEST12345698765432CHASUS33XXXPro tip: When sharing your IBAN for receiving payments, always include the full international format along with your bank’s SWIFT code if required. This ensures smoother and faster processing of global transfers.How Does an IBAN Work in International Transfers?When making an international transfer, you will typically need the IBAN of the recipient, their bank name, and sometimes the SWIFT code of their bank. Here's how the process works:Include the recipient’s IBAN on the cheque before submitting.Your bank will verify the IBAN before initiating the transfer.Once verified, the funds are transferred using a SWIFT message.The recipient’s bank receives the SWIFT message and deposits the money into the appropriate account.If you enter the wrong IBAN, it can cause delays, failed transactions, or—in rare cases—misdirected funds. Always double-check it before sending the money.Do All Countries Use IBAN?All countries have a SWIFT code, not an IBAN number. While the system is adopted in more than 70 countries, some countries rely on an alternative format.Countries that use IBAN: Most of Europe, the Middle East, and parts of Africa and AsiaCountries that do not use IBAN: The United States, Canada, Australia, and China. They typically use routing numbers.Final ThoughtsUnderstanding the IBAN meaning can help ensure that international money transfers are accurate, smooth, and secure. Using the correct IBAN helps avoid transaction delays, processing errors, and unnecessary fees. While IBANs ensure your payment reaches the right account, it's also vital to choose a reliable online money transfer service provider for the best exchange rates and lower transfer costs.Before sending money overseas, always double-check the recipient’s IBAN and compare transfer services to get the most value for your money. If you want to save on fees and get the best exchange rates, CompareRemit makes it easy to compare money transfer providers in real time.Whether you're sending funds to family, making business payments, or paying for overseas expenses, using the correct details—including the IBAN—can make the entire process smoother.Frequently Asked Questions About IBAN (FAQs)Q: Is IBAN a 16-digit number?An IBAN can be up to 34 characters long and includes both letters and numbers. The exact length varies depending on the country.Q: How to get a SWIFT code from an IBAN?It is not possible to directly get a SWIFT code from an IBAN. These are distinct codes serving different purposes. You will need to find the SWIFT code separately—either from your bank's website, account statements, or by contacting your bank directly. Q: What if the IBAN is wrong?If you enter the wrong IBAN, the transaction may be delayed or canceled. In rare cases, it could even result in your money being sent to the wrong bank account.Q: How long does an international transfer take with an IBAN?International transfers using an IBAN typically take 1–5 business days to process. The exact timing depends on factors such as intermediary banks involved, your bank's daily cutoff times for processing transactions, and the efficiency of the recipient's banking system.Q: Can I create IBAN for multiple currencies in the same account?While you cannot have multiple IBANs linked to a single bank account (since each IBAN is a unique identifier for one specific account), many banks now offer multi-currency accounts. These accounts allow you to send and receive different currencies through a single IBAN.Q: Can I use my IBAN for receiving money from abroad?Yes, you can use your IBAN to receive money from abroad. The IBAN ensures that funds are accurately sent to the correct account.

Every extra rupee counts when sending money home to your family or handling business transfers. A better Great British Pound (GBP) to Indian rupee (INR) exchange rate means more money in your loved ones’ pockets—and even a slight rate change can make a big difference over time.   Exchange rates constantly shift due to economic policies, global markets, and inflation. That means the rate today could save you money or cost you more compared to your last transfer. When the Pound is strong, your family gets more rupees. So, timing your transfer wisely can make all the difference.   In this guide, you will learn how to secure the best GBP to INR rate, save on international transfers, and explore the best ways to send money for maximum value.How to Get the Best GBP to INR Exchange RateGetting the best GBP to INR exchange rate requires more than just sending money through the first provider you come across. With a few smart strategies, you can get the most out of your GBP to INR transfer. Here’s how you can avoid losing money in low exchange rates and hidden costs:1. Compare Various Remittance ServicesNot all remittance services offer the same exchange rates. Some platforms provide better rates with lower fees, while others may include hidden costs that sap your hard-earned money. You should compare the GBP to INR exchange rates before you send money. Banks vs. online transfer: Banks usually offer poor exchange rates and levy higher transfer fees than online money transfer platforms like Wise and Remitly. Hidden charges: Some providers offer a “zero-fee” service. It’s a trap! Always look out for hidden charges from such service providers. Transfer cost vs. speed: Faster transfer services cost higher fees, whereas standard remittance services charge lower transfer fees.2. Get Rate Alerts from Your ProviderExchange rates rise and fall every day due to various factors. Hence, ensuring that you time your transfer wisely can mean more money for your family. Get rate alerts: You can get alerts on apps like Wise when the GBP to INR exchange rate hits your desired amount. Track the market: Keep tracking the market. When the GBP is getting stronger, your family can get more rupees on your transfer. Lock the rate: Some platforms allow you to lock your desired price for 24 to 72 hours, which protects you from the sudden fall in the exchange rate.Pro Tip: If you are not in a hurry, wait till the favorable exchange rate before transferring a larger amount.Top Options for GBP to INR TransfersToday, multiple options are available for a GBP to INR transfer. Different options cater to different requirements—speed, higher exchange rate, or low fees. Let’s explore all the options. Bank wire transfer: Banks allow transferring money internationally, but they impose higher transfer fees and offer lower exchange rates than online transfer services. It is one of the most secure yet slow services. Online transfer services: Online transfer services are known for offering the highest exchange rates with lower transfer fees. They are as convenient as they are fast. You can use a comparison tool like CompareRemit to find the best GBP to INR exchange rate. Forex agents: Forex agents or brokers are the best option when you are looking to transfer a large sum of money. They are willing to negotiate on the exchange rate, sometimes offering higher rates than banks or online platforms.GBP to INR ForecastThe GBP to INR exchange rate has been fluctuating for a while now due to the UK’s shift in inflation and India’s emerging growth, as per recent reports. While it seems to be in a volatile state for some time, it is recommended that you consider locking the rates if you are looking to make a large transfer. On the other hand, if you are looking to make a regular transfer, the timing is not as essential as exchange, which is where tools like CompareRemit come in to save the day. Our platform finds real-time exchange rates and transfer fees offered by various providers. You can compare platforms like Wise, Remitly, Xoom, and many more to get the highest rates and lowest fees.Make the Most of Every TransferGetting the most out of GBP to INR transfers starts by comparing the exchange rates, transfer fees, setting alerts, and choosing the right provider. Whether the speed is a priority for you or low fees, or security, CompareRemit helps you make an informed decision with fees, real-time exchange rates, and special offers so that you can save and your family gets more money back home.Frequently Asked Questions (FAQs)Q: What is the best time to transfer GBP to INR?Avoid making GBP to INR transfers during weekends and holidays, as the rates are higher during that time. Try to transfer money during weekdays so that you can get the best exchange rates. Q: What’s the highest GBP to INR rate ever?The Pound hit an all-time high against the rupee on March 13th, 2025, with 1 GBP = ₹112.9770. Q: What fees come with international money transfers?Sending money abroad usually involves three main costs: Bank fees (charges from your bank for processing the transfer), Currency conversion fees (the cost to exchange GBP to INR), and Provider fees (the transfer service charges for sending your money).

When you need to send money internationally, finding a service that’s reliable, easy to use, and offers a variety of options is essential. Selecting the right money transfer service can make all the difference.[Disclosure: This article contains affiliate links. If you click through and make a money transfer, CompareRemit may earn a commission at no additional cost to you.]Remitly, a leader in the money transfer industry, has carved a niche for itself by offering not just competitive rates but also a wide range of transfer and delivery options tailored to meet the unique needs of customers. These varied options ensure that no matter where your recipient is, how quickly they need funds, or what type of banking access they have, Remitly has a solution. In this article, we will explore the different ways Remitly enables you to send and receive money, highlighting how each method works, and who benefits the most from each option.Why Choose Remitly for International Money Transfers?Remitly provides a wide range of services designed to fit the financial needs of its customers. For senders, the platform is simple to use—money can be sent using a mobile app or website in a few steps. For recipients, there are multiple ways to receive the funds, including cash pick-up, direct bank deposit, mobile wallet, home delivery, and even debit card deposit.By offering these delivery methods, Remitly ensures that money transfers are accessible and easy, whether you are living in a bustling city or a remote town. This flexibility makes it a convenient platform for sending money internationally.Cash Pickup: Fast Access to Money Without a Bank AccountOne of Remitly’s most popular options is cash pickup. This is an excellent choice for people who may not have a bank account or for those who need money urgently. With Remitly cash pickup, recipients can collect cash at approximately 470,000 options including various currencies provided worldwide.How Remitly Cash Pickup WorksThe sender selects cash pickup when sending money online, and the recipient can go to a partner location (often a bank or money service provider) to collect the cash. The recipient will need a valid ID and a reference number from the sender.Who Benefits Most?People without bank accounts: For those who don’t have access to a bank, cash pickup money transfers provide a fast, easy way to get funds.Emergency situations: If the recipient needs immediate access to money, cash pickup is one of the quickest ways to receive money.Bank Deposit: Secure and ConvenientFor recipients who have bank accounts, a bank deposit is often the most secure and straightforward way to receive money. This method transfers money directly to the recipient’s bank account.How Bank Deposit WorksThe sender provides the recipient’s bank information, and the money is transferred directly to their account. Depending on the destination country, the transfer can be almost instant or take a few days.Who Benefits Most?People with regular bank access: If the recipient uses their bank account regularly, this is one of the safest and most convenient ways to receive funds.Large or frequent transfers: When sending larger sums of money, a direct bank deposit is ideal as it avoids the risks of carrying large amounts of cash.Using Remitly’s bank deposit option ensures that funds are securely delivered to the recipient’s account, making it a reliable solution for those who prefer online money transfers directly to their bank.Mobile Wallet: Digital ConvenienceAs mobile technology grows, so does the use of mobile wallets. For recipients in countries where mobile wallets are common, Remitly supports sending money directly to a mobile wallet account.How Mobile Wallet Transfers WorkThe sender selects a mobile wallet as the transfer method and enters the recipient’s wallet number. Once the money is sent, the recipient can use their mobile wallet to pay bills, make purchases, or withdraw cash.Who Benefits Most?Tech-savvy recipients: If the recipient is comfortable using mobile technology, mobile wallet transfers offer a fast and convenient way to receive money.Countries with strong mobile networks: In regions where mobile wallets are commonly used for everyday transactions (such as Kenya with M-Pesa), this option is ideal.Quick access: Mobile wallet transfers are typically completed quickly, allowing recipients immediate access to their funds.Remitly’s support for mobile money transfers reflects the growing trend of digital banking, offering a modern, flexible option.Home Delivery: Money Delivered Directly to the DoorFor recipients in the Dominican Republic, Philippines, or Vietnam, home delivery is a great option. This service allows the recipient to receive their money as cash delivered directly to their home.How Home Delivery WorksThe sender chooses home delivery, and Remitly’s local partners deliver the cash to the recipient’s door. This is especially useful in countries where banking infrastructure is limited.Who Benefits Most?People in remote areas: If the recipient lives far from banks or pickup locations, home delivery offers a convenient alternative.Elderly or mobility-impaired recipients: This option is ideal for people who might have difficulty traveling to a pickup location.Though not available everywhere, home delivery is a highly personalized service, ensuring recipients get their money with minimal effort.Debit Card Deposit: Fast Access to MoneyOne of the newest options that Remitly offers is the ability to transfer money directly to a debit card. This option is perfect for recipients who want immediate access to their funds.How Debit Card Deposit WorksThe sender selects debit card deposit and enters the recipient’s debit card information. The money is deposited directly onto the card, allowing the recipient to access funds via ATMs or make purchases online.Who Benefits Most?People who prefer card payments: For recipients who use their debit cards frequently, this method provides fast access to funds for online and in-store purchases.Travelers: This is an ideal option for people who travel often and want easy access to their money wherever they go.Why Having Multiple Options Makes Remitly a Solid ChoiceOffering various delivery methods makes Remitly a top contender as your choice of money transfer services. These multiple sending/receiving options ensure that no matter where you or your recipient are located, there’s always a method that suits your needs. Here are some key reasons why this variety is such a big advantage:Flexibility: Whether you want to send money to a mobile wallet, a bank account, or for cash pickup, Remitly has an option that works*.Accessibility: From urban centers to rural areas, Remitly’s wide reach ensures that your recipient can access their funds wherever they are.Convenience: The ability to choose how to send and receive money, including online money transfers, makes the process simple for both sender and recipient.Conclusion: Why Remitly is a Top Choice for Money TransfersRemitly is one of the top options for sending money internationally because of its flexibility, speed, and security. Whether you’re sending money to a bank account, using cash pick-up, relying on a mobile wallet, or one of the many other options, Remitly has a solution that fits your needs. The ability to transfer money online quickly and easily is essential in today’s global world, and Remitly’s range of services makes it so you have the freedom to send and receive money however you choose.*The options available are based on where your recipient is located. Some delivery options don’t apply to certain countries.