what does this mean

[johnny_t]

I think these things tend to be a lot more common on the continent. I sold some records on eBay to a Belgian once and he wanted to pay by bank transfer so asked for my BIC and IBAN numbers. I had no idea what these were so queried it with my bank and they are numbers that contain you account info, plus some extra data. I was a bit nervy, but they assured me it was quite safe, and no-one seems to have looted my account yet.

As BAS says, all of this info is freely available on cheques etc., so no real need to worry. If you are transferring from account to account then the recipient has a traceable account too...

 

[WoodYouLike]

I think these things tend to be a lot more common on the continent. I sold some records on eBay to a Belgian once and he wanted to pay by bank transfer so asked for my BIC and IBAN numbers. I had no idea what these were so queried it with my bank and they are numbers that contain you account info, plus some extra data. I was a bit nervy, but they assured me it was quite safe, and no-one seems to have looted my account yet.

BIC and IBAN have replaced the old Swift numbers (for International transactions). Through every bank on the continent you can pay (with or without online banking) someone else in some other country when you have their bank details. Very handy and very fast and already in place for the last 4 - 5 years!

It's just that good old UK has to re-invent the wheel again it seems. Here you have to go to you bank branch, write out a document, have the bank address details of the person you want top pay! Why in heavens name for???
Saw that Alliance & Leicester have included an International Payment option on their new online banking system, will have to try that one out to see if it works the same as on the continent (bet they are going to charge me over the odds for the pleasure though).