In the process of opening a current account with a credit institution, a bank employee provides a combination of numbers to an individual or legal entity. This combination serves as a unique cipher for storing money. At the same time, few think about the meaning that these symbols have. How is this combination decrypted or is it randomly created? We will answer this question in this material and, in addition, find out the number 840 is the currency code of which country.
Bank Account Structure
For many, it will be a discovery that the current account is a certain sequence of numbers. Having a specific cipher number in hand, you can get information about the client’s account, namely: for what purpose the current account was opened or in what currency the funds are stored on it. Next, we consider a similar decryption in more detail.
The current account consists of twenty digits, which are divided into the corresponding groups. That is, each such block characterizes the entire settlement account in a certain way. Moreover, the combination of all twenty digits looks like a single number without spaces or any punctuation marks. In this sequence, the numbers from the 6th to the 8th represent the currency code in which the money is stored in the account.
What is a currency code?
So, 840 is the currency code of which country? There is a common standard for the whole world that defines the value for each currency. It is called ISO 4217. A currency code is an alphanumeric value specified by this standard. With the help of this there is a quick identification of any currency in various services. ISO 4217 encodes each currency using a combination of three letters or three digits. For example, the US dollar currency code is 840.
What is this encryption used for? Mainly for the purpose of sending messages and drawing up documents that are related to the conclusion of contracts between individuals and legal entities. In addition, currency codes are used in other types of commercial activities, in credit organizations. In a word, wherever it is convenient to shorten the name of a currency to a symbol.
It should be noted that the ISO 4217 standard has greatly simplified the identification of a particular currency. It is no secret that many currencies have a similar name. Examples include the American dollar, Canadian dollar, and Australian dollar. Therefore, it seems appropriate to use a short and easy to remember code for quick recognition of a currency.
By the way, it will be emphasized that this standard is published in French and English. In addition, private individuals have the opportunity on their own initiative to translate ISO 4217 into other languages of the world. It should be noted that the currency codes proposed by the standard are advisory in nature and are not mandatory for use. Many states have developed their own classifiers, taking the ISO 4217 standard as a basis. An example of such a reference is the All-Russian Currency Classifier.
American dollar code
According to ISO 4217, the United States dollar corresponds to a numerical value of 840. With this code, financiers, investors, bankers and other business participants can easily identify the most popular and common world currency. It should be noted that the currency code 840 is often used to complete transactions and conclude contracts in various parts of the world. With this combination of numbers, many operations are performed far beyond the United States.
Moreover, literally every businessman, trader, financier or investor is recommended to remember the number 840. The currency code will be needed in the process of responsible negotiations or the conclusion of commercial agreements. In order not to look like an amateur or incompetent when voicing this combination by future partners, it is better to prepare in advance and learn about the meaning of this combination of numbers.
Codes of other currencies
It will be useful to remember the codes of other monetary units, which are most often used in the process of conducting business. For example, the currency code is Euro. 840, as we found out, is a combination for the US dollar. The European currency is encoded by the number 978. It should be noted that the euro is used in many countries of the world, including outside the European Union. As for the Chinese yuan, its popularity and distribution are increasing every year. This is due to the constant growth of the Chinese economy. The renminbi code is 156.