The IBAN code is the code used to ensure transactions are directed to the branch. This code is required for transfers to Turkey and European countries that are members of the SEPA (Single Euro Payments Area).
The IBAN code characters must consist of:
- Country code consists of two characters. This code is to find out the country where the bank account is kept.
- Check digitsare the two numbers used to validate the IBAN before the payment is processed. Detailed check digits can be confirmed to the recipient and checked for its validity.
- A bank code is a code to identify the institution of the recipient's bank account.
- A branch code (sort code) or branch code identifies the branch of the recipient's bank account.
- Account number or account number of the beneficiary itself. The account number is at the end of the IBAN.