Commercial banks operating in Mongolia are gradually transitioning to the internationally recognized IBAN (International Bank Account Number) system in accordance with global standards. As part of this upgrade, TransBank will implement the IBAN account numbering system starting from April 1, 2025. This change will enable customers to use IBAN account numbers when conducting interbank transfers, and all interbank transactions will be required to use IBAN numbers. However, the use of IBAN account numbers will not be mandatory for transfers between TransBank accounts.
This update aims to enhance the security, speed, and reliability of transactions.
What is IBAN?
IBAN (International Bank Account Number) is a standardized account numbering system consisting of 20 characters, recognized under the international ISO 13616–1 and ISO 13616–2 standards. It provides a unified coding system for interbank transfers and includes information such as the recipient’s country and bank code.
The implementation of the IBAN system represents not only a technological upgrade but also a significant step towards aligning Mongolia’s banking sector with international standards, making banking services more accessible, reliable, and faster.
