If you live in a country participating in the International Banking Account Number system, enter your banking information into the IBAN calculator at IBAN.com to generate a new IBAN number. As of 2015, IBANs are mostly used for international transactions in Europe, whereas other major countries, such as the United States and Canada, do not use the system, explains Investopedia.Continue Reading
The IBAN calculator requires different information depending on the country in which the account is held. For instance, to calculate the IBAN of a British bank account, the calculator asks for an account sort code and number. On the other hand, for Spanish bank accounts, the IBAN calculator asks for the bank code, branch code, control digits and account number.
Even though banks in countries outside of the IBAN system do not issue IBANs, most banks do accept international transactions using an IBAN, states Currency Solutions and Investopedia. IBANs differ from earlier identification numbers for international transactions, such as the Society for Worldwide Interbank Financial Telecommunication code and the Bank Identifier Code, by identifying specific accounts rather than entire banking institutions. Instead of a single IBAN, international transactions involving countries outside the IBAN system may require a BIC or SWIFT code, plus additional account information.
Outside of Europe, other countries using the IBAN system in 2015 include Israel, Kazakhstan and Lebanon, states Currency Solutions. However, inside Europe, Russia, Belarus, Armenia and Ukraine do not use the IBAN system.Learn more about Bank Accounts