A history of the IBAN
An IBAN, or International Bank Account Number, is used to identify the unique account of a customer at a financial institution in any of the 80 countries that use the system. All IBAN numbers share the same format and are compatible with the internationally agreed upon system originally adopted by the European Committee of Banking Standards (ECBS) in 1997.
Since then, the system has been extended by the SWIFT (Society of Worldwide Interbank Financial Telecommunication) network, and now includes additional countries around the world, outside of Europe.
IBAN numbers are made up of 34 - 35 alphanumeric characters, consisting 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.
Find out more in our complete guide: What is an IBAN number?What is the best way to check an IBAN number?
Due to the infinite resources available via the world wide web, verifying and decoding an IBAN has never been easier. Numerous free online tools, also known as IBAN checkers, allow users to check and validate an IBAN number before arranging payment of any kind.
If you are unsure about finding an online tool to help you verify an IBAN number, we recommend reaching out to the banking institution via phone or in-person, to confirm the bank account details are correct.
What are the benefits of using an IBAN checker?
An IBAN checker has the ability to check if an IBAN number is correct, by confirming information such as the BIC/SWIFT code, bank name, address and country. The benefits of using this online tool, ahead of sending a money transfer, include:
Using an IBAN checker has been proven to effectively reduce failed transactions
IBAN checkers are able to validate every single element of an IBAN: the bank code, branch code and account number, as well as check digits for all IBAN regions
An online IBAN checker uses advanced algorithms to conduct primary integrity checks: these include analysis such as the length or format of an IBAN against a country's standard
FAQs
What is an IBAN?
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Bottom line
If you want to read further into the subject of IBAN numbers and their role in the process of transferring money overseas, we have produced a series of guides on the subject, all of which can be found here.
