IBAN stands for International Bank Account Number, and 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)|