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NBU implements IBAN international bank account standard

31/ 07/ 2019
  On August 5, 2019, the National Bank of Ukraine will implement the international IBAN bank account standard for all legal entities and individuals of Ukraine. The relevant norm is contained in the resolution of the NBU dated December 28, 2018 N 162. Starting August 5, 2019, banks will open new accounts with IBANs (consisting of 29 alphanumeric characters). Current account numbers will be modified in accordance with the requirements of this standard. Between August 5 and October 31, 2019, customers will be able to provide both a valid account number and IBAN standard account number. From November 1, 2019, the use of IBAN will become obligatory for clients of all banks of Ukraine when making funds transfers in both national and foreign currency. That is, all transfers from November 1, 2019 will only be made using IBAN. The European Business Association welcomes the introduction of the IBAN standard in Ukraine, as it will make possible to unify the process of opening and identifying accounts of bank customers with European standards. In addition, one of the benefits will be to reduce unnecessary account details and avoid mistakes in calculations.

On August 5, 2019, the National Bank of Ukraine will implement the international IBAN bank account standard for all legal entities and individuals of Ukraine. The relevant norm is contained in the resolution of the NBU dated December 28, 2018 N 162.

Starting August 5, 2019, banks will open new accounts with IBANs (consisting of 29 alphanumeric characters). Current account numbers will be modified in accordance with the requirements of this standard.

Between August 5 and October 31, 2019, customers will be able to provide both a valid account number and IBAN standard account number.

From November 1, 2019, the use of IBAN will become obligatory for clients of all banks of Ukraine when making funds transfers in both national and foreign currency. That is, all transfers from November 1, 2019 will only be made using IBAN.

The European Business Association welcomes the introduction of the IBAN standard in Ukraine, as it will make possible to unify the process of opening and identifying accounts of bank customers with European standards. In addition, one of the benefits will be to reduce unnecessary account details and avoid mistakes in calculations.

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