What Is an IBAN and Why Does a Freelancer Need One
IBAN (International Bank Account Number) is the standardized account number used across Europe and several other regions. For a freelancer, a European IBAN is critical: it allows European clients to send SEPA transfers at zero cost within the zone.
Without an IBAN, the client must initiate an international SWIFT transfer, which is more expensive and slower. Many European companies cannot transfer funds outside the SEPA zone by policy — they will simply refuse to work without an EU IBAN.
How It Works: Real vs. Virtual IBAN
A real IBAN is issued by a bank and tied to a full current account. Funds are held directly with the bank.
A virtual (alias) IBAN is a technical number that a fintech service creates on top of a pooled correspondent account. Incoming payments are routed to the provider's main account and then credited to you. It works functionally the same way, but funds are technically held on the fintech company's balance sheet.
Most services available to non-residents offer a virtual IBAN — and for most freelancer needs, this is sufficient.
Service Comparison
| Service | IBAN Type | IBAN Country | Cost | Notes |
|---|---|---|---|---|
| Wise | Virtual | BE, LU | Free | EUR, GBP, USD, 40+ currencies |
| Revolut | Virtual | LT | Free (basic) | Limits on free plan |
| Payoneer | Virtual | DE (Commerzbank) | $0–$29.95/yr | Focused on marketplaces |
| Bunq | Real | NL | from €3.99/mo | Some plans require EU address |
| VIALET | Real | LT | from €5/mo | Open to CIS residents |
Step-by-Step: Getting an IBAN with Wise
- Register at wise.com — you will need an email, phone number, and passport.
- Open a Multi-currency account.
- Add EUR as an account currency.
- In the "Get paid" section, copy your assigned IBAN (Belgian, starting with BE).
- Share the details with your client: IBAN + BIC (Wise SWIFT code).
Incoming SEPA transfers arrive within 0–2 business days, with no receiving fee.
Frequently Asked Questions
Will a European client accept a payment to a Wise or Revolut IBAN?
Yes, in the vast majority of cases — without any issues. Occasionally, large corporate clients refuse to transfer to fintech IBANs due to internal policy, but this is rare.
Can I use an EU IBAN for invoicing as a self-employed person?
Yes. An EU IBAN is simply a set of account details. Your tax status and place of registration are determined separately under your own country's laws, not by the country of the IBAN.
Are there limits on incoming payments?
Most fintechs do have limits. Wise accepts up to €1 million per year after basic verification; Revolut limits depend on the plan. For higher volumes, a business account is required.
Marix helps freelancers and businesses build efficient infrastructure for international payments. Contact us to find the best solution for your needs.