International Bank Account Number - IBAN

DEFINITION of 'International Bank Account Number - IBAN'

A standard numbering system developed to identify bank accounts from around the world. It was originally developed by banks in Europe to simplify transactions involving bank accounts from other countries.

BREAKING DOWN 'International Bank Account Number - IBAN'

The IBAN number consists of a two-letter country code followed by two check digits and up to thirty alphanumeric characters known as the basic bank account number (BBAN). It is up to the banking association of each country to determine what BBAN will be set as the standard for that country's bank accounts. Currently, the IBAN is primarily used only by banks in Europe, but the practice is becoming popular in other countries.

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RELATED FAQS
  1. What's the difference between an IBAN and a swift code?

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  3. How does a capital account illustrate the strength of investment markets for a country?

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