IBAN is short for International Bank Account Number. It is a bank account identification number and it is being used to send or receive money from a bank account to another bank account.
IBAN is being used mainly in Europe, Middle East, and parts of Latin America. Here is a list of countries where IBAN can be used: Albania, Andorra, Austria, Azerbaijan, Bahrain, Belarus, Belgium, Bosnia and Herzegovina, Brazil, Bulgaria, Costa Rica, Croatia, Cyprus, Czech Republic, Denmark, Dominican Republic, East Timor, Egypt, El Salvador, Estonia, Faroe Islands, Finland, France, Georgia, Germany, Gibraltar, Greece, Greenland, Guatemala, Hungary, Iceland, Iraq, Ireland, Israel, Italy, Jordan, Kazakhstan, Kosovo, Kuwait, Latvia, Lebanon, Libya, Liechtenstein, Lithuania, Luxembourg, North Macedonia, Malta, Mauritania, Mauritius, Monaco, Moldova, Montenegro, Netherlands, Norway, Pakistan, Poland, Portugal, Qatar, Romania, Saint Lucia, San Marino, Sao Tome and Principe, Saudi Arabia, Serbia, Seychelles, Slovakia, Slovenia, Spain, Sudan, Sweden, Switzerland, Tunisia, Turkey, Ukraine, United Arab Emirates, United Kingdom, Vatican City, Virgin Islands (British).
For international money transfers there are cheaper options. One of them is a company called Wise.