What is bank IBAN?


Quick Answer

An IBAN is an international bank account number. It is a string of up to 34 alphanumeric characters that carries a country code, check digits, bank identifier and basic bank account number specifying an individual account.

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Full Answer

An IBAN is used to process transactions quickly across multiple countries without the need for manual transactions. An IBAN is required to make transactions in countries that comply with national IBAN formats, and each country uses its own unique format. An IBAN formats existing accounts for international transactions but does not provide a new account number for existing accounts. Businesses typically use an IBAN when making wire transactions across different countries.

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