The Difference between IBAN Numbers and Account Numbers

An IBAN, or International Bank Account Number, is a standard international numbering system recognized by banks and other financial institutions worldwide. It's a standardized way of identifying overseas bank accounts, which reduces errors and delays in sending international payments. 

In June 2020, Egyptian banks began to use it following a decision by the Central Bank. As a result, many banks conducted workshops for their employees to implement this new system smoothly.

The IBAN aims to facilitate the process of bank transfers without the need for human intervention. 

The use of an IBAN is generally better than a bank account number during a bank transfer. This is because it offers the possibility of verifying the correctness of the beneficiary’s account number before a payment is made, no matter which bank the beneficiary uses. 

Therefore, this allows the account holder to make sure that transfers reach the required account without any error, increasing the efficiency of online money transfers.

So What’s the Difference between an IBAN and a Bank Account Number? 
 

IBAN

The IBAN consists of a maximum of 34 characters, organized in a very particular manner. The number starts with a two-digit country code, then two numbers, followed by several more alphanumeric characters. An IBAN is a combination of an account number and sort code written in a standardized format.

Bank Account Number

Account numbers are unique to a specific bank account and consist of a distinctive string of numbers, 10 to 15 digits long, to identify a particular account. Individuals may hold multiple accounts, each with a different account number.  
 

The IBAN aims to facilitate the process of bank transfers without the need for human intervention

Uses of IBAN Numbers

• Transfer money locally and internationally
• Receiving remittances locally and internationally

How To Get an IBAN Number

There are two ways you can get an IBAN:

1. Online via your account on your bank’s website
2. Via your nearest bank branch
3. Via the bank's call center
4. Your IBAN will be written on any new bank statements you receive from your bank