Iraq IBAN Format (IQ) — Structure, Length & Example

The Iraq IBAN is 23 characters long and follows the ISO 13616 standard introduced by the Central Bank of Iraq (CBI). Iraq adopted the IBAN format to modernise its banking infrastructure and align with international payment standards, particularly for oil trade settlements and foreign investment flows. Iraq is not a SEPA country — all international transfers use the SWIFT network.

Iraq IBAN at a Glance

• Country code: IQ
• Total length: 23 characters (always)
• Format: IQkk bbbb bbb cccccccccccc
• BBAN length: 19 characters
• Character types: 4-letter bank code + 3-digit branch code + 12-digit account number

Iraq IBAN Structure Explained

1. Country Code — IQ (2 characters)

The ISO 3166-1 alpha-2 code for Iraq. Every Iraqi IBAN begins with IQ.

2. Check Digits — kk (2 digits)

Two decimal digits computed using the MOD-97 algorithm (ISO 7064). They detect transcription and transposition errors in the IBAN before the payment is transmitted.

3. Bank Code — bbbb (4 letters)

A 4-letter alphabetic code identifying the Iraqi bank, derived from the first four characters of the bank's SWIFT/BIC code. Major codes include:

• TRIQ — Trade Bank of Iraq (TBI)
• NBIQ — National Bank of Iraq
• RAFI — Rafidain Bank
• RASH — Rasheed Bank
• CBIQ — Central Bank of Iraq (institutional transfers)

4. Branch Code — bbb (3 digits)

A 3-digit numeric branch identifier assigned by the bank. All branches of a given Iraqi bank share the same 4-letter bank code but have unique branch codes.

5. Account Number — cccccccccccc (12 digits)

A 12-digit numeric account number. Shorter domestic account numbers are left-padded with zeros to fill all 12 positions.

Iraq IBAN Example Explained

IQ20 TRIQ 8500 1009 3940 422

• Country: IQ
• Check digits: 20
• Bank code: TRIQ (Trade Bank of Iraq)
• Branch code: 850
• Account number: 010093940422

This is an illustrative example. Validate a real Iraqi IBAN using the ibanchecker.cash validator before initiating a payment.

How Iraqi IBAN Validation Works

1. Country code check: First two characters must be exactly IQ.
2. Length check: Total character count (spaces removed) must be exactly 23.
3. Character type check: Positions 5–8 must be uppercase letters (bank code); positions 9–11 must be decimal digits (branch); positions 12–23 must be decimal digits (account).
4. MOD-97 check: Move the first four characters to the end, replace each letter with its numeric value (A=10 … Z=35), compute the number modulo 97. A valid IBAN always yields a remainder of 1.

Iraqi Banking Context

Iraq's banking sector operates under the Central Bank of Iraq, which was restructured after 2003 to introduce modern monetary policy and payment system infrastructure. The two largest state-owned banks — Rafidain and Rasheed — were established during the Ba'ath era and continue to hold the majority of retail deposits. The Trade Bank of Iraq (TBI) was established in 2003 specifically to facilitate international trade finance and is the primary conduit for oil export settlement payments.

Private banks have grown significantly since 2003. Notable institutions include the National Bank of Iraq, Babylon Bank, and Zain Iraq Islamic Bank. Many foreign banks operate representative offices in Baghdad but do not hold retail IBAN accounts.

Iraq Is Not a SEPA Country

Iraq is not part of SEPA. All international transfers to Iraqi accounts travel via the SWIFT correspondent banking network. Key considerations for cross-border transfers:

• Processing times of 2–5 business days depending on correspondent routes
• Both the IBAN and the bank's full BIC/SWIFT code are required
• Currency is the Iraqi dinar (IQD); most international transfers are denominated in USD
• AML compliance checks may add processing time given Iraq's FATF monitoring status — ensure enhanced due diligence documentation is prepared

Look up any Iraqi bank's BIC using the ibanchecker.cash SWIFT directory.

Common Iraqi IBAN Mistakes

Confusing the Letter Bank Code with a Numeric One

Iraqi IBANs have a 4-letter alphabetic bank code at positions 5–8. Systems expecting an all-numeric BBAN will incorrectly reject valid Iraqi IBANs. The letters are uppercase only — a lowercase or mixed-case code is invalid.

Wrong Length

Iraqi IBANs are exactly 23 characters, the same length as Israeli (IL) and Omani (OM) IBANs. Do not confuse these formats — the bank code structure differs significantly.

Omitting the BIC for SWIFT Transfers

Unlike SEPA transfers, Iraqi payments via SWIFT require both the IBAN and the bank's BIC code. Omitting the BIC can result in the payment being returned or held by a correspondent bank.

Validating Iraqi IBANs Before Payment

Finance teams processing payments to Iraqi oil, construction, or trade counterparties can validate IBANs before submitting them using the ibanchecker.cash IBAN checker. The tool identifies the bank behind any valid Iraqi IBAN and flags format errors immediately. For bulk payment files, bulk validation handles up to 100 IBANs per upload.

Last updated: June 2026