What is an IBAN for transferring money internationally?
An IBAN, otherwise known as an International Bank Account Number, is an identification number for an individual’s bank account, bank, and country.
IBANs are made up of the following components:
- A two-letter country code
- A two-digit check digit
- A Basic Bank Account Number (BBAN)
This makes it easier and faster to process transfers when money is sent to another country. IBANs are primarily used in the European Union.