IBAN Information for: British Virgin Islands
Find out all you need to know about the IBAN format in VG, including length, structure, and validation rules.
IBAN Information - British Virgin Islands
Overview
The International Bank Account Number (IBAN) for British Virgin Islands (VG) follows specific formatting rules. Here you'll find all the important details about the VG IBAN format.
Key Details
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IBAN Length 24 characters
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Country Prefix VG
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SEPA Member No
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Currency USD
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Membership Non-Member
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Central Bank The British Virgin Islands Financial Services Commission
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Central Bank Website www.bvifsc.vg
Format Information
Domestic Format Information
IBAN Block Structure
VG 96 VPVG 0000012345678901
IBAN Structure Legend
- VG Country Code
- 96 Check Digits
- VPVG Bank Code
- 0000012345678901 Account Number
Structure for British Virgin Islands IBAN
British Virgin Islands IBANs consist of the country code (VG, 2 characters), check digits (2 digits), bank code (4 characters), and account number (16 digits). In total, the British Virgin Islands IBAN comprises 24 characters.
The British Virgin Islands IBAN consists of 24 characters in total. The British Virgin Islands is a British Overseas Territory in the Caribbean that uses the US Dollar (USD) as its official currency. As an important international financial center and offshore jurisdiction, the British Virgin Islands has a well-developed banking system with numerous international and local financial institutions. Although the British Virgin Islands is not part of SEPA, the IBAN facilitates international transfers to and from the islands. The bank code identifies the bank, and the account number contains the specific customer account details. The introduction of the IBAN system has helped to better integrate the British Virgin Islands' financial services into the global banking system.
Bank Information
What is an IBAN?
An International Bank Account Number (IBAN) is a standardized international numbering system developed to identify bank accounts from around the world. It was originally adopted by the European Committee for Banking Standards and later as an international standard.
IBAN Uses
- International wire transfers
- SEPA payments within Europe
- Automated payment processing
Benefits of IBANs
- Reduced errors in international payments
- Faster processing of cross-border transactions
- Standardized format for global banking
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IBAN Verification
The check digits in an IBAN allow for verification of the entire number, reducing the risk of errors during transcription. This makes international payments more reliable.
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