IBAN Information for: Mozambique
Find out all you need to know about the IBAN format in MZ, including length, structure, and validation rules.
IBAN Information - Mozambique
Overview
The International Bank Account Number (IBAN) for Mozambique (MZ) follows specific formatting rules. Here you'll find all the important details about the MZ IBAN format.
Key Details
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IBAN Length 25 characters
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Country Prefix MZ
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SEPA Member No
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Currency MZN
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Membership Non-Member
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Central Bank Bank of Mozambique
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Central Bank Website www.bancomoc.mz
Format Information
Domestic Format Information
IBAN Block Structure
MZ 59 0003 0108 00163671023 71
IBAN Structure Legend
- MZ Country Code
- 59 Check Digits
- 0003 Bank Code
- 0108 Branch Code
- 00163671023 Account Number
- 71 National Code
Structure for Mozambican IBAN
Mozambican IBANs consist of the country code (MZ, 2 characters), check digits (2 digits), bank code (4 characters), branch code (4 digits), account number (11 digits), and national code (2 digits).
The Mozambican IBAN consists of 25 characters. The bank code (4 characters) identifies the bank, followed by the branch code (4 digits) which identifies the specific branch. The account number (11 digits) contains the details of the customer account, and the last 2 digits form the national code. Mozambique is one of the countries that has experimentally implemented the IBAN format, but is not part of the SEPA zone. Therefore, international transfers to Mozambique may require longer processing times and incur higher fees than transfers within SEPA.
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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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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