What is IBAN number?
Most banks in the European Union are using an IBAN code to facilitate international payment orders. If you would like to know what your IBAN code is, you can use this HSBC IBAN Generator to generate your IBAN code.
For ODM, Hong Kong does not use IBAN numbers, so clients should give banks our account number, bank name and swift number for HSBC. Money can be transferred easily. The Swift Number identifies the bank branch so no bank address is needed. You can insert HSBC HQ, 1 Queens rd. Central, Central, HK if this is required.
What is IBAN?
The International Bank Account Number (IBAN) was originally adopted by the European Committee for Banking Standards (ECBS) and later adopted as an international standard under ISO 13616:1997. It is an internationally agreed means of identifying bank accounts across national borders with a reduced risk of propagating transcription errors.
The current standard is ISO 13616:2007, which indicates SWIFT as the formal registrar. However, the IBAN format is widely used in the European Union, the Middle East, and the Caribbean.
Consider using an IBAN number checker or searching IBAN number examples or how to find IBAN numbers for further information.
International Payment Order
ODM has clients from many different parts of the world. This has engaged us in many international payment orders. ODM would like to give a general idea on how you can make an international payment order to or from foreign business banking accounts in Hong Kong. For HSBC business account holders in Hong Kong, this is the information you need to provide for inward payments to your account.
- Account name
- Account number
- Beneficiary bank name (i.e. HSBC Hong Kong)
- Beneficiary bank address (i.e. 1 Queen’s Road Central, Hong Kong)
- SWIFT Address (i.e. HSBCHKHHHKH)
What is the role of a SWIFT Address in settling international payment orders?
Society for Worldwide Interbank Financial Telecommunication (SWIFT) is the current standard according to ISO 13516:2007. It provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment.
The majority of international interbank messages use the SWIFT network. SWIFT does not facilitate funds transfer. Rather, it sends payment orders. This must be settled by correspondent accounts that the institutions have with each other. In order to exchange banking transactions, each financial institution must have a banking relationship by either being a bank or affiliating itself with one (or more) to enjoy those particular business features.
The Hongkong and Shanghai Banking Corporation Limited (HSBC) is one of the world’s largest banking and financial services organizations with around 6,900 offices in established and faster-growing markets.
HSBC is also the recognized leader in Global Trade and Receivables Finance with over 140 years of trade experience. The Bank has won numerous awards, including Global Finance’s Best Trade Finance Provider in Hong Kong (2002-2011).
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Why do companies use IBAN Codes?
Companies use IBAN codes to identify the bank accounts across national borders so that they can facilitate international trade and transactions. This helps reduce the risk of transcription errors and helps exporting/importing companies to manage their overseas receipts and payments.
Do registered brands and companies require IBAN Codes?
No, it is not an obligation. Another alternative that companies use is a Society for Worldwide Interbank Financial Telecommunication (SWIFT) code. IBAN and SWIFT codes are both internationally recognized codes. IBAN codes are used to identify a specific account, whereas SWIFT codes are used to identify a particular bank involved in the transaction.
Where can I get a company’s IBAN code?
BAN codes are written in a general structure ; *Country Code – Check digits – Bank Identifier – Sort Code – Account Number* You can use an IBAN calculator to generate your own IBAN code or use an IBAN checker online, to ensure that the money that is wired overseas reaches to the correct recipient.
If I send money to any HSBC branch in Hong Kong, the account holder can get the money since everyone has a unique bank number here. Is this same for HSBC China operations?
You can send money to any HSBC bank branch in China. For reassurance, feel free to contact HSBC China through their website.