Bank info needed for fund transfer

Firstly, apologies if posting in the wrong forum and I did a search but couldn't find an answer.
Does anyone know how much of my bank account details is required to allow another party to transfer funds from their bank account to mine. I assumed that providing them with my bank account number and sort code would be sufficient. However I was also asked for my BIC and IBAN numbers as a requirement to transfer funds electronically. Is there a risk in providing another party with all this information.
Thanks in advance,
Logo

Since the introduction of the new SEPA electronic transfer format, the sort code and account number have been replaced by the BIC and IBAN. In order for anyone to transfer money to you electronically they will need at least your BIC and IBAN. They will probably also need your account name. There is no risk in providing this information in fact that is exactly the purpose of a BIC and IBAN, it is to allow you to receive money directly into your account electronically form any bank account with in SEPA area.

Logo said:

Firstly, apologies if posting in the wrong forum and I did a search but couldn't find an answer.
Does anyone know how much of my bank account details is required to allow another party to transfer funds from their bank account to mine. I assumed that providing them with my bank account number and sort code would be sufficient. However I was also asked for my BIC and IBAN numbers as a requirement to transfer funds electronically. Is there a risk in providing another party with all this information.
Thanks in advance,
Logo

Click to expand...

There is no risk, in fact its handier all round if you can quote your bic and iban codes, its just the new way of doing things.

Anyone can calculate these codes for themselves from your account number and sort code, using this converter software. https://ipsosepaservice.sentenial.com/ipso/

Thanks for the speedy replies! Just thought that providing someone with my name, bank account number, sort code, BIC & IBAN numbers - could be used by another to set up an electronic transfer of funds from my account (as it's the only info requested from me to set up a direct debit etc).

In terms of security it is perfectly safe to give out your BIC/IBAN. The only way that it can be used to take money out of your account is if it used to set up a direct debit from your account. But in that case the recipient of the money will be the direct debit originator which will be a company rather than an individual. A regular person cannot become a direct debit originator, only a company can. So, if I had your BIC/IBAN the worst I could do is to use your details to set up a direct debit to ESB or Vodafone or some other company. If this did happen all you would have to do is contact the bank and inform them that you did not set up the direct debit and you would get an automatic refund and the direct debit would be cancelled. In other words if someone wanted to be malicious the best they could mange would be to annoy you but they couldn't rob you.

Thanks again for clarifying (and a less restlessness nights sleep). It just sounded a bit hollow when I read "its just the new way of doing things." from another poster...