The IBAN (International Bank Account number) is the number that internationally identifies a bank account of a client in a financial entity, regardless of the place and entity in which it is located.
A single IBAN corresponds to each bank account, which identifies the country, entity, office and account.
It serves to validate a specific bank account internationally. The objective of IBAN is to facilitate the automatic treatment of payments and collections between countries.
Since there is an internationally standardized number, a correct transmission of the data is ensured, reducing the chances of manual errors.
How many characters is it formed?
It consists of a maximum of 34 alphanumeric characters, depending on the country. The first two are of an alphabetical nature and identify the country, for example, the IBAN of an account registered in Spain begins with «ES». The next two are control digits that allow you to verify their accuracy. The remaining ones are the numbers of the financial institution, the office and the bank account number.
An example of IBAN in Spain would be:
ESXX – EEEE – OOOO – DC – XXXXXXXXXX
In the case of Spain, the IBAN code would be broken down as follows:
- ESXX:E and S refer to Spain (ES) and XX would be two numbers corresponding to the verification of accuracy.
- EEEE: They are the four digits of the bank.
- OOOO: These are the four numbers that refer to the office of that bank.
- DC: They are the two numbers or control digits
- XXXXXXXXXX: There are 10 numbers that correspond to the particular bank account.
ES60 – 0049 – 1600 – 05 – 1324657391