Mandatory IBAN and SWIFT BIC
for Euro Remittance Transactions Within/To European Countries
It is becoming an increasingly common practice for European financial institutions to request an IBAN and SWIFT BIC code (see below1) as mandatory information for foreign remittance transactions.
If a Euro remittance instruction without a valid IBAN and SWIFT BIC is sent to a bank in one of the countries requiring this information, the handling of such payments is considered "a value-added service" and consequently banks may delay the processing and charge additional fees for this service.
From 1 January 2007 banks across Europe will no longer be obliged to accept payments with incorrect, incomplete or missing beneficiary "IBAN" and "SWIFT BIC" details.Only servicing bank can provide the correct IBAN of that account and the related SWIFT BIC. If you need an IBAN, you need to contact the owner of the account.
You can take steps now to ensure that Euro Payments will not risk the possibility of incurring additional charges, being delayed or even being refused by entering 'IBAN' and 'SWIFT BIC' as follows (see below2).