International Bank Account Number (IBAN)
July 9, 2019
What is an International Bank Account Number (IBAN)?
An IBAN, also known as international bank account number, is a standard international numbering system meant to identify an overseas bank account. The number always begins with a two-digit country code. Then there are two numbers, followed by up to third-five alphanumeric symbols. However, an IBAN does not substitute a bank’s own account number. It only provides additional information that allows identifying international payments.
4 things about IBAN you need to know
Check out the main four facts about International Bank Account Number (IBAN):
- An international bank account number (IBAN) is a standard international numbering system for individual bank accounts globally;
- Banks in Europe created the IBAN system to smooth and simplify transactions from international bank accounts of other countries;
- An IBAN is meant to identify an individual account that is linked to an international transaction;
- The IBAN is also used as a way of verifying that transaction details.
Keep in mind that the U.S. and Canada are two key countries that do not use IBAN. Though, they can recognize the IBAN system and process such payments.
Some examples of the IBAN system in use
- Albania: AL35202111090000000001234567
- Cyprus: CY21002001950000357001234567
- Kuwait: KW81CBKU0000000000001234560101
- Luxembourg: LU120010001234567891
- Norway: NO8330001234567
