What's an IBAN number?
IBAN stands for International Bank Account Number, which is also an international numbering system used to identify bank accounts in connection with cross-border transactions. Unlike SWIFT codes, IBAN is used not only to identify the bank, but also to identify a specific account within the bank, and is often used for international transactions related to the European Union or Europe.The IBAN number consists of 34 letters and digits, with each character used to help identify a specific account, and always begins with a two-digit country code. It serves at least three important functions when making international bank transfers.
1、The IBAN number allows the financial institution to quickly record the country of the recipient's financial institution.
2、The IBAN number is used to confirm that the transfer was sent to the actual account within that country. Obviously, without either of these two aspects, the international remittance would be difficult, if not impossible, to accomplish.
3、Finally, the IBAN number provides an efficient and simple way for the financial institution to double-check the authenticity of the account information to ensure that the remittance will be successful before it is sent.
Composition and examples of IBAN numbers
IBAN stands for International Bank Account Number, which is also an international numbering system used to identify bank accounts in connection with cross-border transactions. Unlike SWIFT codes, IBAN is used not only to identify the bank, but also to identify a specific account within the bank, and is often used for international transactions related to the European Union or Europe.The IBAN number consists of 34 letters and digits, with each character used to help identify a specific account, and always begins with a two-digit country code. It serves at least three important functions when making international bank transfers.
1、The IBAN number allows the financial institution to quickly record the country of the recipient's financial institution.
2、The IBAN number is used to confirm that the transfer was sent to the actual account within that country. Obviously, without either of these two aspects, the international remittance would be difficult, if not impossible, to accomplish.
3、Finally, the IBAN number provides an efficient and simple way for the financial institution to double-check the authenticity of the account information to ensure that the remittance will be successful before it is sent.
