The first two characters are letters identifying the country of the bank account in question. A bank account based in France would begin with ‘FR’ while one in the United Kingdom would start with ‘GB’.
Following is a 2-digit error detection code in positions 3 and 4 of the IBAN, a critical security measure and a standardised verification check.
The last numerical link in the chain differs from country to country, but as a general rule, this strip of numbers identifies the bank, the branch of that bank, and an individual’s unique bank account number.
Where can I find my IBAN code?
You can check an IBAN’s validity by looking at your bank statement, where your IBAN is along with your bank account number and sort code.
Why do you need to find out information about the code?
The IBAN system ensures your money doesn’t end up in the wrong account, so there are a few crucial things to remember.
Countries differ in IBAN length. For example, a Ukraine-based IBAN has 29 digits, while the IBAN of a British bank has 22 digits. Check the length of your country’s IBAN to ensure it’s the correct number.
Ultimately, the best preventative measure is to double-check with your financial institution or the payee’s bank that the IBAN is correct.