Ever wondered what an IBAN is, and why is the casino asking for it? Or maybe you have some idea, but you’re not sure if you should give out such information over the internet? Well, this article has all the answers you need to move forward.
What is IBAN?
It stands for International Bank Account Number. A unique number is assigned to every bank account in the world regardless of its original branch or country. IBAN was adopted to standardize account numbers across the world.
It contains information about your account number, country, and bank. While not all the financial institutions conform to this, it’s as close to a standard as it can get. It can be up to 34 letters long.
What is SWIFT or BIC then?
You might come across these terms too. To identify the name of your bank and the specific branch where the transaction will take place, sender banks use a SWIFT (Society for Worldwide Interbank Financial Telecommunication) code.
This is a means of verification for the banks. The bank will approve the transaction if the information entered matches the shown information.
Depending upon locality, some financial institutions refer to SWIFT as BIC (Business Identifier Code). They both serve the same purpose.
Why do casinos need it?
Online casinos usually operate under a large corporate umbrella. They’re stakeholders in other ventures too, and they aren’t necessarily based in the same country as the player.
The whole point of online gaming is to transcend boundaries and have fun whenever, where ever you can.
The casinos need IBAN when a player requests for winnings withdrawal. They use it to wire transfer the money into your account.
Does Canada use IBAN?
While Canada is among a select group of countries that don’t use IBAN, they use SWIFT (BIC) codes instead. But your casino might, in case it’s operating from outside of Canada.
Canadian Banks use a different format. You might need to contact your bank helpline to find out your IBAN.
Is IBAN required at all casinos?
It all depends on the specific casino. Normally, casinos have a range of payment options available to facilitate the players.
You need to check out their websites to see which payment methods they support.
The casino needs IBAN if the player has requested a wire transfer through traditional banks.
What to do if you don’t have an IBAN?
Well, that warrants a two-part answer.
Do you need the money transferred through wire transfer? Is the answer yes? Then you need an IBAN.
If not, then you need to select another payment method.
Alternative payment methods
There are some other payment methods too. For example, the use of e-wallets like Instadebit and iDebit is increasing because of the hassle-free transfers.
There are other e-wallets too, and each of them has its pros and cons. You need to select the one that matches your needs best.
Most casinos insist on the same deposit and withdrawal method. However, individual terms and conditions may vary.
If you happen to have an Interac account, you can find casinos that support Interac for deposits and withdrawals.
You can also cash out via cheques, but that’s the more expensive route. Also, the cheques sometimes take days or even weeks to arrive at your doorstep.
Frequently asked questions (FAQs)
Is giving out IBAN safe?
Yes, it’s just an account identifier used for incoming wire transfers.
How do I find out my IBAN?
Some websites offer to calculate your IBAN from your given information. But, it’s best to contact your bank for assistance.
What other information do I need besides IBAN?
Normally the banks require your name and physical street address along with IBAN to complete the transfer.
Sources
- https://www.investopedia.com/terms/i/iban.asp
- https://www.theswiftcodes.com/canada/