IBAN Information for: Madagascar
Find out all you need to know about the IBAN format in MG, including length, structure, and validation rules.
IBAN Information - Madagascar
Overview
The International Bank Account Number (IBAN) for Madagascar (MG) follows specific formatting rules. Here you'll find all the important details about the MG IBAN format.
Key Details
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IBAN Length 27 characters
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Country Prefix MG
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SEPA Member No
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Currency MGA
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Membership Non-Member
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Central Bank Central Bank of Madagascar
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Central Bank Website www.banque-centrale.mg
Format Information
Domestic Format Information
IBAN Block Structure
MG 46 00005 03007 12894210160 45
IBAN Structure Legend
- MG Country Code
- 46 Check Digits
- 00005 Bank Code
- 03007 Branch Code
- 12894210160 Account Number
- 45 National Check Digits
Structure for Madagascar IBAN
Madagascar IBANs consist of the country code (MG), check digits (2 digits), bank code (5 digits), branch code (5 digits), account number (11 digits), and national check digits (2 digits).
The Madagascar IBAN consists of 27 characters. The bank code (5 digits) identifies the bank, followed by the branch code (5 digits). The account number (11 digits) contains the details of the customer account. The last 2 digits are national check digits used for internal validation. Madagascar has implemented international standardization of payment transactions as part of the IBAN introduction.
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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