What is IBAN (International Bank Account Number)?
An IBAN is a standardized international format for bank account numbers, used across 80+ countries to identify a specific bank account for cross-border payments. Format: 2-letter country code + 2 check digits + up to 30 alphanumeric characters identifying bank and account.
Definition
IBAN was developed in the late 1990s by the European Committee for Banking Standards to reduce errors in cross-border transfers. Before IBAN, country-specific account-number formats made it easy to typo a digit and send funds to the wrong recipient. IBAN bundles country, bank, and account into a single string with embedded check digits that mathematically verify whether the IBAN is well-formed before any money moves. The format varies in length by country: 16 characters in Belgium, 18 in Germany, 22 in the UK, 24 in France, up to 34 in some countries. IBAN is mandatory for all SEPA (European) transfers and increasingly required worldwide for any international wire. The US and Canada are notable exceptions — neither has adopted IBAN domestically, though US banks accept incoming IBANs via SWIFT.
Worked example
A UK HSBC account: GB29 NWBK 6016 1331 9268 19 • GB = United Kingdom (country code) • 29 = check digits (verify with mod-97 algorithm) • NWBK = bank identifier (NatWest, in this example) • 6016 13 = sort code (UK bank branch) • 3192 6819 = account number Formatting: spaces every 4 characters for human readability; transmitted as a single 22-character string with no spaces. If a single character is wrong, the check digits will fail validation before the transfer is even attempted — preventing most typo-driven misdirected payments.
Why it matters
When sending money abroad, you need the recipient's IBAN (not their domestic account number) plus the bank's SWIFT/BIC code. Most fintech services (Wise, Revolut, OFX) accept IBAN entry and auto-validate the check digits before letting you proceed. The US doesn't use IBAN domestically — Americans sending money to Europe still typically provide their US account number and routing number, while receiving European funds requires their bank's SWIFT code.
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Frequently asked questions
Does the US have IBAN?
No, the US has not adopted IBAN domestically. US accounts use a 9-digit ABA routing number plus account number. When receiving international transfers, US banks accept the standard SWIFT format using the routing/account number combination. When sending to Europe, you must use the recipient's IBAN.
How do I find my IBAN?
For European accounts: check your online banking dashboard (usually under "Account Details"), the back of a debit card, or a recent bank statement. IBANs are also printed on cheque book stubs. Don't use third-party "IBAN calculator" sites — verify with your bank directly.
Is IBAN secure?
The IBAN itself is just an account identifier — it does not authorize transactions. Sharing your IBAN to receive money is no riskier than sharing any account number. Direct debits in SEPA require both your IBAN and explicit authorization through a mandate, which you control.
What countries use IBAN?
All EU member states, EEA countries (Norway, Iceland, Liechtenstein), Switzerland, the UK (kept post-Brexit), and 50+ countries worldwide including Saudi Arabia, UAE, Turkey, Brazil, Israel, Pakistan, and most of North Africa. The US, Canada, Australia, China, and Japan do not use IBAN domestically.
Related terms
SWIFT / BIC Code
A SWIFT code (also called BIC, Business Identifier Code) is the standardized 8 or 11-character identifier of a specific bank and branch in the global SWIFT network. It is required for international wire transfers to route funds to the correct institution.
Mid-Market Rate
The mid-market rate is the midpoint between the buy (bid) and sell (ask) price of a currency in the global interbank market. It is the fairest reference rate available and what Google, Reuters, Bloomberg, and Wise all display as "the exchange rate."