What is the IBAN?
IBAN stands for International Bank Account Number. An IBAN includes all of the details needed by a receiving bank to apply a payment directly to a beneficiary’s bank account without manual intervention. Customers sending funds to European Union and European Economic Area countries are required to adopt IBANs for payments effective 1 January 2007. For a list of countries where the use of IBANs are required for payment or receipt of payments in Euro, please visit the International Bank Account Number (IBAN) website at http://www.ecbs.org/iban.htm.
IBAN stands for International Bank Account Number. An IBAN includes all of the details needed by a receiving bank to apply a euro payment directly to a beneficiary’s bank account without manual intervention. The IBAN is now required as the primary euro account identifier for beneficiaries in Europe and payments not bearing an IBAN are subject to delay, additional charges and, in some cases, rejection. In general the IBAN is comprised of the country code, two check digits and a national bank and account number. Each code should be represented electronically as continuous text but for ease of translation may often be shown on paper in blocks of four characters.
