IBANs are identifiers for bank accounts. There are two types of IBANs at Memo Bank:

  • Main IBANs, which acts as a primary identifier for a bank account. There's exactly one main IBAN per bank account. You can't delete it. When an account is closed, its main IBAN remains active only for incoming transactions, which will be automatically rerouted to the main account.
  • Virtual IBANs, which are aliases for the main IBAN. They can be created, deactivated, and reactivated at will. When the account they're attached to is closed, they get reattached to the main account.

All operations on IBANs are synchronous and effective immediately, meaning that you can use a new IBAN to send or receive money right after its creation.