Dear customers and partners,
Please be informed that starting from 5 June 2006 a new standard – IBAN (International Bank Account Number) will be implemented in Bulgaria.
IBAN application will improve efficiency, promptness and quality of effected domestic and international transfers and is a necessary step on our country’s way to EU accession.
What Is IBAN
IBAN is a number assigned to a customer bank account pursuant to ISO Standard Number 13616.
By January 2006 IBAN was introduced in 42 countries, all EU member states included.
IBAN In Bulgaria
Application of IBAN in Bulgaria is set out in Ordinance № 13 of the Bulgarian National Bank. IBANs for use in the country have an overall length of 22 alphanumerical characters.
IBAN is generated to each customer account only by the customer's servicing bank.
As from 5 June 2006 all domestic and international payments will be effected from customer accounts in IBAN format. The BIC (Bank Identifier Code) of the bank should also be specified.
These accounts will be identified by any bank in the EU member states and states which have adopted IBAN standard.
Until 5 June 2006 all payment transactions will be executed, based on the existing customer accounts’ numbers.
What Is Forthcoming And What Should Customers Do
From 1 March to 5 June, 2006:
- Each account (existing or new one) will receive an IBAN correspondence. IBANs may be assigned only by the customer's servicing bank.
- Please, contact your servicing bank for information how to obtain the IBAN of your account and bank’s BIC. No deadline is set for obtaining the IBAN. However, after 5 June 2006 you may withdraw funds and effect payments from your account only by using your IBAN number.
- You should inform your counterparties of your bank accounts’ IBANs and your bank’s BIC.
- You should also ask your counterparties for their accounts’ IBANs and servicing banks’ BIC.
From 5 June 2006:
- IBAN will be the only valid number of a customer account in effecting transfers.
- The new payment documents will be activated. All payment documents will contain IBANs.
For your convenience Municipal Bank PLC developed IBAN converter, available on our website.
Informational brochure of BNB