IBAN (International Bank Account Number) is the international bank account number essential for cross-border transfers.
How is IBAN Structured?
IBAN consists of up to 34 characters and is made up of the following parts:
- Country code: 2 letters (e.g., HU = Hungary)
- Check digits: 2 numbers
- Bank account number: varies in length by country
Hungarian IBAN Example
HU42 1177 3016 1111 1018 0000 0000
Hungarian IBAN is always 28 characters long and starts with HU.
Why is IBAN Important?
Using IBAN reduces erroneous transfers, speeds up processing, and is mandatory for transfers within the EU.