What IBAN Stands for:
IBAN stands for International Bank Account Number. IBAN is a standardized way of identifying a bank account for a specific bank all over the world.
What is IBAN Account Number?
The foreign money account holder must know the IBAN account number why? Because they mostly need to transfer money from other countries to Pakistan via the online bank transfers method. The International Bank Account Number or IBAN) is an international measure for distinguishing bank accounts that’s the main purpose is to ease the automatic process of online fund transfers. This will also help to improve the speed as well as the accuracy of payment transactions all over the world.
IBAN Bank Account Number Structure:
The ABL IBAN is ever used in colligation with a Bank Identifier Code (BIC) – a sequence of numbers and letters that identifies a bank and branch. An example of an IBAN is as below: