IBAN stands for International Bank Account Number, is an internationally agreed system of identifying Bank accounts across national borders. The IBAN facilitates communication and processing of cross border transactions with a reduced risk of transcription errors.
Your IBAN is NOT a replacement of your account number ─ it’s an additional number with extra information to help overseas Banks identify your account for payments.
The IBAN format is:
|Country Code (2 letters)||Check Digit (2 digits)||Bank Code (4 letters)||Account Number (16 digits)|
|International Envelope||Basic Bank Account Number (BBAN)|