IBAN refers to International Bank Account Number and naming of Bank Accounts are done according to ISO 13616. It's collection of Bank Account Number, Country Code and two Check Sum digits. IBAN
IBAN Checker validates all the elements such as Swift (BIC) Code, Branch Code, Account Number and Country Code.
Structure of IBAN:
1: First two characters are for Country Code.
2: Third and Fourth characters are for Checksum Digits. Remaining characters are of BBAN (Basic Bank Account Number)
3: BBAN contains Bank Identifier, Branch Information and Account Number.
4: First five characters are for Bank Info and Branch Info and others are for Account Number.
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Who transfer funds with TransferWise include large array of persons who use the services like:
1: Parents transfer University fees, Schooling fees or other expense funds to their kids abroad.
2: Business parties transfer funds to each other.
3: Persons working abroad transfer funds to their parents, relatives or family.
4: Account to Account transfer from one country to other before moving to that country.
5: Online salaries are transferred to employees by companies.
6: Freelancers work money are transferred.
7: Online Fees for any services like Legal, Visa etc.
8: Transfer your funds to family business accounts.
9: Online charities to NGO's.
10: Investors to invest money in foreign currencies.
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Disclaimer: Country Wise Codes is Collection for informational and Educational purposes only, we try to provide accurate information and accepts no liability with respect to its accuracy. Please reconfirm with your bank before transferring funds.