Receiving payment via IBAN?

[Funk]

Never done this before, would appreciate some help from those more knowledgeable...

Someone needs to send me money via IBAN - they're using €, I'm using GBP. Do I specify that the sender needs to send me the full GBP amount and would there be any fees etc that might be incurred by me as the receiving party to take into consideration? Other than my IBAN number (which I've pulled from my banking app), is there any other info I'd need to provide to the sender?

Are there risks to this (ie. could it be reversed)? As I say, am new to all this so just making sure I'm understanding what I'm doing...

[LooneyTunes]

IBAN (international bank account number) is just another way of identifying your bank account (used internationally instead of the sort code/account number combination). It’s not a specific way of sending money (their bank will be using SWIFT for this).

You will probably find that they need the BIC (bank identifier code), sometimes known as the SWIFT code, as well so ask your bank if it’s not on your statement. They will likely need details of the name the account is held in too (matching what the bank has on record for you) and sometimes address.

If you receive EUR into a GBP account then you’ll be hit with the FX. If you can, get them to send GBP. Also be aware that SWIFT transfers allow the sender to determine who bears the costs of the transfer (so make sure they bear them all and don’t mark as “split” or for you to bear).

If it’s going to be a regular thing and/or decent sums involve then (assuming you’re happy to bear FX risk) I’ve found fewer issues getting counter parties to send to currency accounts and then dealing with the FX later when I’ve been able to pick the date or time of execution and get desk rates instead of whatever the bank chooses to apply by default.

SWIFT txns can be reversed but, unless it’s changed, the beneficiary bank has to consent.

[Funk]

That's brilliant, thank you! Appreciate you taking the time. It's a one-off payment.

[superpp]

If you set up a free Revolut account, you can have add a Euro account too.
Give them the IBAN and you'll receive Euros which you can exchange back to sterling via their app or just hold in Euro's.

[Funk]

Cheers for the advice but as it's a one-off I don't really want to set up an account I won't use going forward. I already have a Monzo one but they're even less set up for international payments weirdly; they wanted me to generate my own IBAN..!

I'm using my Nationwide account instead and the buyer's said he'll make sure that what lands in my account in GBP will be the price we've agreed so he'll have to handle any fees and f/x stuff.