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What is IBAN?
Within the framework of the regulations of the European Union, an international bank account number standard called International Bank Account Number (IBAN) has been developed in order to increase the quality and speed of money transfers between countries. It is currently used in 33 European countries.
What is the purpose of IBAN?
To prevent errors and delays in money transfers through banks and other financial institutions in European countries. IBAN transfers the money transferred from the sender's account to the recipient's account more quickly and accurately; thus, waiting times and additional costs resulting from errors in transactions are eliminated.
How an IBAN is formed?
It consists of numbers and letters that point to only one account in all bank accounts in the world. Each account has an IBAN and can only point to one account.
It consists of a maximum of 34 digits. The first four digits are the two-digit country code and the two-digit control number. The check number indicates whether the number is correct or valid. The rest includes the national bank account number. This section may be freely determined by each country, with the total length of the IBAN not exceeding 34 digits.
Electronic representation: TR8000062000 06700006684477
Representation in correspondence: TR80 0006 2000 0670 0006 6844 77
How is IBAN validated?
It is made by using special algorithms and control numbers in account number. In the event of the slightest error in the account number, a discrepancy with the verification numbers arises, which indicates that the number is invalid.