What does IBAN mean? What is the full form of IBAN?
The full form of IBAN is International Bank Account Number.
An IBAN, or international bank account number, is a standard international numbering system developed to identify an overseas bank account. The number starts with a two-digit country code, then two numbers, followed by up to third-five alphanumeric characters. However, an IBAN does not replace a bank’s own account number, as it’s only meant to provide additional information that helps in identifying overseas payments.
KEY TAKEAWAYS
- An international bank account number (IBAN) is a standard international numbering system for individual bank accounts around the world.
- Banks in Europe originally developed the system to simplify transactions involving bank accounts from other countries.
- An IBAN is used to identify an individual account involved in the international transaction.
- The IBAN also acts as a method of verifying that transaction details are correct.
IBAN
means
International Bank Account Number
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