An IBAN (International Bank Account Number) is a standardised format used to identify bank accounts across borders. It simplifies international payments by providing all the necessary account details in one string.
The IBAN consists of an alphabetical country code, followed by two digits, and then up to thirty five characters for the bank account number:
- Country Code (2 letters): Identifies the country of the account.
- Check Digits (2 numbers)
- Bank Code and Account Number: The remaining characters provide specific details about the bank and the account holder.
Note that IBANs are primarily used in Europe, the Middle East, and some parts of Asia, but not in the United States.