IBAN is a standard for bank accounts that was first introduced in the EU Member States for the purpose of preventing money transfers to incorrect account numbers.
Due to the fact that the lengths and forms of each country’s and each bank’s account numbers are different, if a customer who applies to a bank for transferring money to an account at another bank uses an incorrect account number, the address where the money shall be transferred can not be found at the correspondent bank and the money order returns to the remitter. In such cases resulting in time and labor loss at banks, an additional fee is charged from the remitter because many transactions are performed by the acquiring bank for finding the correct address of the money to be transferred. In order to avoid this negation, a common account number standard was introduced in money transfers of all EU Member States. This account number standard, which is called IBAN or International Bank Account Number, has features capable of preventing such negations in money transfers.
IBAN does not require the destruction of existing account numbers or nonuse of these numbers in money transfer. For each account that is subject to money transfer in practice, an account number as well as an IBAN number are generated. In the event IBAN is used in money transfers, above-mentioned advantages are gained. However, if they desire, customers may perform a money transfer with an existing account number without using IBAN (except for the countries where use of IBAN is mandatory).
The length of our country’s IBAN is 26 digits. An example of Turkey’s IBAN number is given below.
Click to learn your IBAN number.