Question:

Bank Accounts: What is an IBAN?

(Last edited: Tuesday, 8 September 2020, 10:51 PM)
Answer:

IBAN stands for International Bank Account Number and is a number attached to all accounts in the EU countries. It is made up of a unique code that identifies the country in which the account is opened, the account holder's bank and the account number. The IBAN helps to make the process of cross-border payments easier and faster. The bank assigns an IBAN to your account. You need to use the IBAN when sending interbank transfers or wiring money from one bank account to another, especially across international borders.

The structure of the IBAN is as follows: The country code NL / 2-digit control number / 4 letters that identify the bank / 10 digits, which consist of the current account number supplemented with zeros.

Example of a Dutch IBAN:  NL73 INGB 123 456 78 00


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