What is an International Bank Account Number (IBAN)?
An International Bank Account Number (IBAN) is an internationally-recognized unique identifier used to identify a specific bank account from anywhere around the world.
The IBAN is a mixture of letters and numbers that helps determine the country the payment will go to, the specific bank, and other banking information, such as branch and account number. An IBAN consists of up to 34 characters which contain two-letter country codes, two check digits, and the Basic Bank Account Number (BBAN).
The country code identifies the country where the bank account is held, the two check digits are used to validate the IBAN's authenticity, and the basic bank account number identifies the specific bank account.
An IBAN is essential for any international money transfer, as it helps quickly identify the right bank and account number. It's vital to accurately input the receiving bank's IBAN when making an international transfer, as this helps ensure that the payment reaches its intended recipient quickly and securely.