What Is An Iban

All about IBAN

What is an IBAN?

An IBAN (International Bank Account Number) is an internationally recognized system of identifying bank accounts across national borders. It is a unique identifier that allows for the easy and efficient transfer of funds between banks in different countries.

Format of an IBAN

The format of an IBAN varies from country to country, but it generally consists of the following elements:

* Country code (2 characters) * Check digit (2 characters) * Bank code (usually 4-8 characters) * Branch code (optional) * Account number

Benefits of using IBAN

There are several benefits to using IBAN, including:

* Improved accuracy in international payments * Reduced processing time for international transfers * Easier identification of the beneficiary bank and account number