IBAN is an acronym, which stands for International Bank Account Number. It is a standard way of uniquely identifying an account for the purpose of improving the efficiency and speed of cross border european union payments.
- IBAN stands for International Bank Account Number, a standardised way of identifying a bank account.
- The length of IBAN can go upto 28 digits starting from 2 letter country code, specific to each country.
- When a cross-border payment is made in Europe, an IBAN is used to identify the account to which the payment should be made.
- An IBAN is always used in conjunction with a SWIFT/Bank Identifier Code (BIC).
- An IBAN is NOT a new bank account number. It is a way of representing national account numbers in an internationally recognised standard format.
- Used for quick and easy processing of payment orders.
- If you are paying from outside EU zone (from USA) )to a beneficiary who has given you IBAN account number, then always enter that IBAN in account number field of your payment form.
The IBAN is made up of the following elements all stuffed to form a single one length format:
- Two-letter country code (CC).
- Two-number check digit (CD) for the entire IBAN account number.
- Basic Bank Account Number (BBAN), no more than 30 characters long, comprising Institution Identification (IID) and Bank Account Number (BAN)