International Bank Account Number (IBAN) is an international standard for identifying bank accounts. The IBAN identifies a beneficiary's bank account and includes specific information the receiving bank will use to automatically apply funds. It also allows bank clients to validate the account number of the transferee (the beneficiary of the value of the amount transferred) before the implementation of the transfer order to a local or international bank.
Palestine IBAN consists of 29 characters according to the following format from left to right:
- Country code: two digits which is according to the International Standards Organization (ISO 3166-Alpha 2) for Palestine is (PS).
- Check Digits: two digits which are generated by applying an international standard (mod-97-10)
- Bank code: four digits which refer to the name of the bank in which the client has an open account. The bank code is the published SWIFT code for the bank.
- Client account number: 21 characters and in case the account number is less than 21 characters, zeros are added to the left.
Account number of a client in Bank of Palestine is 123456789. Consequently the IBAN is PS##PALS000000000000123456789.