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The International Bank Account Number is a unique identifier that helps to process payments from banks to persons all over the world automatically. It has all bank account-related information (e.g. account number, bank and branch details and company code) of the account holder. IBAN contains a maximum of 34 characters including letters and numbers. The total number of digits may vary from country to country.
Each set of characters contains a different detail of a bank account, such as:
- Country code
- Check digit code
- Bank identifier code
- Branch code
- Account number
An IBAN code is a vital component in making, receiving and processing all kinds of international payments.
One must enter the right IBAN while sending money, otherwise money can be sent to the wrong destination or it may charge for an invalid payment. So, it should be checked with the recipient or bank before sending or receiving a payment.
An IBAN provides financial organisations with a quick and easy way to note the country of the bank that a payment is being sent to and double-check the accuracy of an account's details before initiating a transfer.
Where is IBAN located?
IBAN is located on:
- Paper bank statement
- The online banking login site
If you face difficulties finding your IBAN in either of those places, you can contact your bank and ask for it.
