International Bank Account Number (IBAN)
Definition of the International Bank Account Number (IBAN):
The International Bank Account Number (IBAN) is a globally agreed system for identifying bank accounts worldwide. It serves to facilitate financial transactions between countries and aims to reduce the risks associated with executing any banking transaction. It is a unique number assigned to a customer’s account at their financial institution.
IBAN facilitates financial transfers through the SWIFT system, whether they are outgoing or incoming transfers. It helps customers provide their account numbers accurately to those who will be conducting financial transactions with them, whether domestically or internationally. Therefore, using the IBAN number contributes to the speed and quality of transfers without any delays or banking errors.
The customer links their account number to the IBAN system to provide various companies or individuals, with whom they expect to transact through outgoing or incoming financial transfers, whether they are local or international, with their specific IBAN number.
You can use the IBAN for both international and domestic banking transactions.