What does IBAN mean

Q: What does IBAN mean

IBAN, or International Bank Account Number , is a standardized alphanumeric code used to uniquely identify a specific bank account during cross-border money transfers. It contains up to 34 characters, including a country code, check digits, and a Basic Bank Account Number (BBAN) which specifies the local bank code, branch, and account number. Unlike a SWIFT/BIC Code that identifies a financial institution globally, an IBAN identifies a specific bank account within an IBAN-supported country. It's widely used across Europe, the United Kingdom, the Middle East, and parts of the Caribbean. However, countries like India, the United States, and Canada do not use IBANs for domestic or regular accounts, relying instead on local systems like IFSC or routing numbers alongside SWIFT codes for international wires.

Question

What does IBAN mean

Accepted Answer

IBAN, or International Bank Account Number, is a standardized alphanumeric code used to uniquely identify a specific bank account during cross-border money transfers. It contains up to 34 characters, including a country code, check digits, and a Basic Bank Account Number (BBAN) which specifies the local bank code, branch, and account number. Unlike a SWIFT/BIC Code that identifies a financial institution globally, an IBAN identifies a specific bank account within an IBAN-supported country. It's widely used across Europe, the United Kingdom, the Middle East, and parts of the Caribbean. However, countries like India, the United States, and Canada do not use IBANs for domestic or regular accounts, relying instead on local systems like IFSC or routing numbers alongside SWIFT codes for international wires.