What is Iban?

An IBAN (International Bank Account Number) money transfer is a way to send money internationally using the IBAN system. The IBAN system is a standardized method of identifying bank accounts across different countries, and it helps to facilitate international money transfers by providing a unique identifier for each account.

When making an IBAN money transfer, the sender is required to provide the recipient's IBAN number, as well as the name and address of the recipient's bank. The sender's bank will then use this information to initiate the transfer, which typically takes place through the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network.

The SWIFT network is a global system that connects banks and financial institutions, allowing them to securely exchange financial messages and transfer funds between each other. When a transfer is initiated, the sender's bank sends a message to the recipient's bank, which includes the IBAN number, the amount of the transfer, and any other necessary information.

The recipient's bank will then verify the information and, if everything is in order, will credit the funds to the recipient's account. The entire process typically takes a few business days to complete.



It's important to note that while IBAN is a standardized system, some countries may have additional requirements or processes in place for international money transfers. Additionally, banks and other financial institutions may charge fees for IBAN money transfers, so it's a good idea to check with your bank for more information.

History OF Iban

The IBAN system was developed in the late 1970s by the European Committee for Banking Standards (ECBS) to facilitate international money transfers within Europe and to reduce the risk of errors and delays caused by the use of different national bank account numbering systems. The IBAN system was implemented in Europe in the early 1990s and later adopted by other countries around the world. The SWIFT network, which is used for the transfer of funds and financial messages between banks, was also developed in the 1970s and is closely tied to the use of IBANs. The IBAN system and SWIFT network continue to be widely used for international money transfers today, with many countries requiring the use of IBANs for cross-border transactions.