What is International Bank Account Number (IBAN)

Basically, it is common sense that around the world, there exists thousands of banks. So, in order to make distinguishing marks about the account numbers, this standard numbering system was introduced, better known as IBAN. Its roots of origination trace back to Europe and now it is the international standard to identify accounts around the globe.

India yet does not have IBAN number working with each individual account; instead, work with European banks so that the money transfer can be made through IBAN. This system was developed for making the transactions simple, yet, various customers and Small/Medium enterprises confuse themselves in national standards of this system.

One thing to know is that this system is not yet entirely accepted outside the Europe. So, it is safe to say that for this system to be accepted globally, it may take a few more years to another decade maximum..

This system comprises of country code, two check digits, domestic account number (known as Basic Bank Account Number BBAN) in the same order and contains not more than 30 alphanumeric characters. No spaces are permitted in this number but while in printing, the numbers are grouped in the batch of four. The length depends on individual country.