Question

The beneficiary's account number at his or her financial institution and is required to send an international wire to countries that have adopted it:

A) True
B) False

Answer 1

The beneficiary's account number is NOT required to send an international wire to countries that have adopted the IBAN system.

Step-by-step explanation:

The statement in the question is false. The beneficiary's account number at his or her financial institution is NOT required to send an international wire to countries that have adopted the International Bank Account Number (IBAN) system.

The IBAN system is used by many countries around the world to standardize and simplify international bank transfers. The IBAN consists of a country code, two check digits, and a basic bank account number. It does not include the beneficiary's account number at their financial institution.

Instead, the IBAN is used to identify the recipient's bank and ensure the funds are transferred to the correct account within that bank.