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What IBAN stands for
IBAN stands for International Banking Account Number and it is used to identify bank account details of a recipient. The format of an IBAN consists of a two digit country code, two check numbers, a four digit bank code, a six digit bank branch code and an eight digit bank account number.
Who uses IBAN numbers?
The system was originally developed by the European Committee of Banking Standards (ECBS) in 1997, as a way of creating a standardized method of identifying international bank accounts. The system has since been adopted by banks and financial institutions in countries all over the world, with 80 regions now using IBAN numbers.
How an IBAN works
Used when transferring money overseas to a foreign country, IBAN numbers are formatted in the following order, containing the following information:
Country code – A code that is specific to a certain country
Check number – A two-digit code used as a redundancy check to detect errors on identification numbers
Bank identifier – The unique identifier for the domestic bank
Account number – The bank account identifier
What is an IBAN calculator?
Unlike an IBAN checker, which checks if an IBAN number is correct by confirming information such as the BIC/SWIFT code, bank name, address and country, a calculator is used to calculate exact bank account information for those who need to find an IBAN.
Banks arrange national or local account details into a string of alphanumeric characters and so IBAN calculators are used to convert this information into the International Bank Account Number needed when transferring funds to an international account.
IBAN calculators - Find the information you need with just one code
There are several ways to calculate an International Bank Account Number, whether it be for yourself or for the recipient in a foreign country. We hope this guide has provided enough information to equip our readers with the advice they need to efficiently source the details needed to successfully transfer funds from an account in one country to another account in a different country. For more guidance and advice on IBANs, SWIFT codes and other international banking information, check out our full list of money transfer guides.
