Money Transfers, EFTs and Swifts are easier and safer with IBAN

IBAN is a unique number assigned to each account opened at banks worldwide. In line with European Union regulations, an international bank account number standard (which is called IBAN- International Bank Account Number) has been developed to increase the speed and quality of money transfers made between the countries and to minimize the costs.

The objective of IBAN is to prevent any error in money transfers executed over banks and other financial institutions in European countries and any delay due to such errors. Owing to IBAN, funds are transferred from the sender’s account to the recipient’s account faster and with less potential errors, and this way, waiting periods and additional costs attributable to errors in transactions are eliminated.