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Answer: IBAN code is a common standard established by the European Banking Association and the International Organisation for Standardisation (ISO) for the purpose of reducing foreign remittance errors and speeding up processing. Currently, it is mandatory to include "IBAN" and "BIC" codes in the payee account number for Euro (EUR) - denominated remittances within Europe. Although not required for foreign remittances to Europe, some European financial institutions may charge an additional fee if the code is not included. Kindly input without leaving a space in the payee's account number field. * Since the IBAN includes the recipient's account number, it is sufficient to fill in instead of the account number.