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Do I need to know the bank name if I want to electronically transfer money to a private and I only know his name, surname and IBAN ?

It seems that I need to know the BIC (SWIFT), or the bank name, in order to proceed with the transition. The IBAN code is not enough. Is it correct ?

Thanks

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transferring from where to where? IBAN is used within the EEA mainly. –  littleadv Jul 9 '12 at 21:48
    
@littleadv From Netherlands to France –  Patrick Jul 9 '12 at 21:53
    
updated the tags for you. IBAN should be enough, I think, verify with your bank –  littleadv Jul 9 '12 at 21:56
    
@littleadv well, I'm trying to solve this issue online, and my bank websote asks for either the bank name or the BIC. It seems that IBAN is not enough to transfer the money online –  Patrick Jul 9 '12 at 22:01
    
Ive also tried to compute BIC from an IBAN code but it gave me 2 results. –  Patrick Jul 9 '12 at 22:02

1 Answer 1

The IBAN uniquely identifies a Bank and Account number Globally.
Technically only IBAN should be sufficient.

However in real world, today the way application have got developed [over a last 30 years without IBAN being in place], require Beneficiary Bank Code [identifiers], because based on that they determine how the payment needs to be processed.

Although IBAN has been adopted by more countries in Europe [Australia & Newzeland], there applications have not yet undergone the required change to fully support the real purpose or essence of IBAN. It would still be quite sometime for IBAN to be truly functional.

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