What is IBAN - International Bank Account Number

What is an IBAN

IBAN stands for International Bank Account Number and is a number attached to all accounts in the EU countries plus Norway, Switzerland, Liechtenstein and Hungary. The IBAN is made up of a code that identifies the country the account belongs to, the account holder's bank and the account number itself. The IBAN makes it easier and faster to process cross-border payments.

There are a number of reasons why you may need to send money abroad, or receive it for that matter. You may be sending money to family in another country, receiving payment for something you sold over an auction site or paying for a purchase yourself. Whatever transfer’s taking place, you’ll be asked for an IBAN to help this transaction go through. Not sure what this is? We explain all you need to know.

How is an IBAN constructed

• The number comprises maximum 34 alphanumerical characters, which are structured as follows:
• Two letters representing the home country of the account-holding bank (ISO 3166 country code with two letters, e.g. IE for Ireland)
• Two numbers that are a control key
• Maximum of 30 alphanumeric characters that identify the bank and the ordinary account number

Where can I find my IBAN?

An IBAN is usually between 15 and 28 characters in length, and will vary depending on the country that the account is held in. In the UK an IBAN is 22 characters long, and you may be able to find this on your account statement or your account provider’s website, along with your SWIFT.
Here’s an example of an IBAN and the information that it contains:

GB 12 EXAM 123456 78910111

GB = Country code
12 = Check number
EXAM = Bank code
123456 = Sort code
78910111 = UK account number