What does the abbreviation IBAN mean? Why is IBAN account to have a bank user? We will find out why this banking code is needed, what are its advantages and how to get such an account number on your own.

IBAN: What is it, how to get an account number

What is IBAN and why it is needed

IBAN (International Bank Account Number) is the bank account number of the client in the bank or in another financial institution. The number is assigned according to the ISO 13616 standard.

Since June 7, 2010 in Kazakhstan, an international bank account is used for:

internal translations;
international payments.

The IBAN number in the Republic of Kazakhstan consists of 20 letter-digital characters, each of which has its own value. For example, the code KZCC BBBH xxxx xxx xxxx:

The first two characters “KZ” indicate the code of the country (Kazakhstan);
The second letters SS are a control category;
The third part of the BBB is the digital code of the bank assigned by the National Bank;
The remaining 13 characters “X” is the number of the client’s bank account.

To perceive the code, it is easier to divide the symbols with spaces on paper, as an example above. But when filling out data in the electronic version, the gap cannot be used.

Banking Translation: Pexels

The use of an international code gives the following advantages:

accelerates payment processing;
reduces the risk of errors (a unique account number excludes cases of inaccurate crediting funds);
Reduces the number of details paid for receipt.

Therefore, the IBAN code is used in almost 100 countries and regions, including in Europe, countries of the Middle East, North Africa and the Caribbean.

How to get IBAN in Kazakhstan

Thanks to the international payment system, you no longer need to wait for the transfer of foreign transfers for several days. IBAN bank account number allows you to quickly receive and transfer payments, and safely. Therefore, the IBAN code is necessary for everyone who uses banking services.

How to get IBAN? Only the bank owner has the right to issue a new bank account number. Everyone who has an account in the banks of the Republic of Kazakhstan must contact the institution to receive the international code IBAN. These include:

individuals;
Legal entities.

If accounts are open in several banks, then it is necessary to contact each of them to assign the IBAN code to a specific account. After that, to conduct the transfers, it is necessary to indicate the international number of the IBAN account.

IBAN: PEXELS account checking

How to find out the new IBAN number? There are several ways:

Contact the bank’s department with a passport and check the account number.
Use the ATM (the account number is indicated on the check).
Look in the Internet banking.

To check via the Internet, you can use the official website of the bank or mobile application. In such cases:

Enter the system.
Select the card.
Look at the code in the iBan line.

Now you know how to get and check the IBAN code. Use new opportunities for the international payment system to save time to receive and send transfers.

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