What is IBAN number?

Hey,

We all know that the banking sector is evolving rapidly. Gone are the days when you had to stand in long queues just to withdraw or deposit money. Today, you can make inter-bank transfers in minutes and intra-bank transfers in seconds. Moreover, you can send money to your loved ones in different parts of the world online easily. For this, you are required to offer some details, such as bank & beneficiary details and IBAN (International Bank Account Number). Now, what is IBAN number in India? Read below to find out!

It’s a standard alphanumeric code system that’s used to identify international bank accounts. I want you to know that an IBAN can identify both the bank and the particular account held at that bank, unlike a SWIFT code that can only identify the bank.

An IBAN always begins with a 2-digit ISO code of the country where the bank is situated, followed by the 2 ‘check’ digits that validate the account no. and routing destination. This is followed by a 3-digit bank code, a 5-digit branch code, and an account no. that can vary in length — in some countries, the IBAN is as long as 34 characters while in others, as short as 20.

For instance, in Serbia, the IBAN is RS35105008123123123179. It starts with the ISO code “RS” and contains 22 characters in total.

Please remember that not every country uses an IBAN. For example, The United States doesn’t currently use IBANs but most countries in the Eurozone do. You can refer to the country register on the IBAN online portal for a full list.

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Now you know what is IBAN number in India.