IBAN stands for International Bank Account Number, and it is a system for identifying bank accounts across national borders that have been agreed upon worldwide. The IBAN facilitates cross-border transaction communication and processing while lowering the possibility of transcription errors.
Your IBAN isn’t a replacement for your account number; it’s a separate number with additional information that aids international banks in identifying your account for payment.
An IBAN is a new format for an existing bank account number that will be recognized internationally, rather than a new account number. The IBAN improves the speed and accuracy of payment and remittance transactions by facilitating communication and processing.
It will not only improve the efficiency of cross-border transactions, such as remittances sent by Pakistanis living abroad, but it will also make domestic electronic transfers easier.
An IBAN comprises information on the beneficiary’s country and bank, as well as the account number itself. IBAN is made up of 24 alpha-numeric characters and is used in Pakistani banks.
THE FORMAT OF AN IBAN:
The following is an example of an IBAN:
0188717140133674 is an example of an existing bank account number.
PK24 MUCB 0188717140133674 is an example of an IBAN number.
The format is:
|Country Code (2 letters)||Cheque Digits ( 2 digits)||Bank Code ( 4 letters)||Account Number (16 digits)|
|International Envelope Basic Bank Account Number (BBAN)|
National Bank Of Pakistan IBAN Link:
United Bank Limited IBAN Link:
Habib Metropolitan Bank IBAN Link:
RAKBANK IBAN And Routing Link:
State Bank Of Pakistan IBAN Link:
Standard Chartered Bank Of Pakistan IBAN Link:
First Women Bank Limited IBAN Link:
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