International Bank Account Number
An international bank account number, or IBAN for short, is kind of like your piggy bank. Just like how you have a special place to keep your money, IBAN is a special code that helps people all over the world keep track of their money when they send it to someone else.
Just like how you have a name, address and phone number to help people know who you are, IBAN also has a special number that identifies each bank account. This number is made up of a series of letters and numbers that are unique to each bank account.
When someone wants to send you money from a different country, they use your IBAN number to make sure the money goes to the right place. It's kind of like how if you want to send a letter to your friend, you need their correct address so the postman knows where to deliver it.
By using IBAN, everyone can be sure that the money sent will end up in the right bank account. It's like having a special security guard for your piggy bank, making sure that only the right people can access it, whether they are in the same country or on the other side of the world.
Just like how you have a name, address and phone number to help people know who you are, IBAN also has a special number that identifies each bank account. This number is made up of a series of letters and numbers that are unique to each bank account.
When someone wants to send you money from a different country, they use your IBAN number to make sure the money goes to the right place. It's kind of like how if you want to send a letter to your friend, you need their correct address so the postman knows where to deliver it.
By using IBAN, everyone can be sure that the money sent will end up in the right bank account. It's like having a special security guard for your piggy bank, making sure that only the right people can access it, whether they are in the same country or on the other side of the world.