From August 05, 2019, all banks of Ukraine, including UKRSIBBANK, will be opening new accounts for customers in IBAN standart in accordance with the Decree of the National Bank of Ukraine No. 162 of December 28, 2018, and No. 41 of February 22, 2019.
During the period from August 5, 2019 to January 12, 2020, there will be a transition period. Bank customers will be able to indicate in the details IBAN account or account number with bank code.
From January 13, 2020, all transfers will be made only with IBAN.
This means that the accounts of customers of all Ukrainian banks will change the format. In the IBAN format, in addition to the account number, there will be information on the country code and the bank code.
IBAN is the standard number 13616 of the International Organization for Standardization ISO and the European Committee for Banking Standards ECBS is the international bank account number.
Each state independently establishes the IBAN account number structure following the requirements of ISO 13616.
For Ukraine, IBAN consists of 29 alphanumeric characters: a country code, a check digit, a bank code, and an account number.
Why do you need IBAN?
IBAN was created for use in the practice of international payments.
The IBAN international bank account number allows harmonizing the Ukrainian payment space with the European one.
Therefore the National Bank of Ukraine introduces the use of an international standard bank account number IBAN in Ukraine, which will become mandatory for customers of all Ukrainian banks when making payments in both national and foreign currencies, including cross-border transfers.
What advantages does IBAN offer customers?
The use of the IBAN standard due to the reduction of details should make it more convenient to issue settlement documents.
Thanks to IBAN, customers will be able to:
- faster transfers and receive funds;
- convenient and easy to identify the payer and the recipient of funds, as well as the Bank of Ukraine, which serves;
- avoid errors in account details by reducing the details in the settlement documents.
Also, the use of IBAN in the future will make it possible to use QR codes, which will contain information about IBAN, to simplify the payment of bills and exchange payment information.
IBAN formation example
The international bank account number (IBAN) in Ukraine is formed in accordance with the National Standard.
UA + NN + 351005 + XXXXXXXXXXXXXXXXXXX
- UA — (2 letters) — country code Ukraine DSTU ISO 3166-1;
- NN — (2 digits) — check digit, which is calculated in accordance with the check digit calculation algorithm;
- 351005 — (6 digits) — code of UKRSIBBANK;
- XXX...XXX — (19 digits) — customer's account.
In case the account number has less than 19 digits, add the corresponding number of zeros to it, which is put in front of the account number.
An example of the formation of IBAN on the basis of the client's account
|Customer account||2620 1111 11 1111|
|IBAN customer account||UA 59 351005 00000 2620 1111 11 1111|
IBAN launch time
On August 5, 2019, UKRSIBBANK will be opening new accounts in IBAN standard.
All already opened accounts will be changed.
During the period from August 5, 2019 to January 12, 2020, bank customers will be able to indicate in the details and statement documents both a valid account number and bank code, and an account number in the IBAN standard.
However, at the end of the transition period, namely, starting from January 13, 2020, only IBAN account numbers will be used to make payments in Ukrainian banks.