What is an International Bank Account Number (IBAN)?
An International Bank Account Number (IBAN) is a unique identifier used to recognize specific bank accounts worldwide. It consists of up to 34 characters, including a two-letter country code, two check digits, and the Basic Bank Account Number (BBAN).
IBANs are crucial for international transactions, providing a standardized format that ensures accurate and efficient processing of cross-border payments, reduces errors, and minimizes delays.
The IBAN helps identify the destination country, the bank, and the specific account. It is widely used in Europe, the Middle East, and other regions. The country code indicates where the bank account is held, while the check digits validate the IBAN's authenticity. Accurate input from the IBAN during international transfers is vital to ensuring payments reach their intended recipients quickly and securely.
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