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In Belarus bank accounts were transferred to IBAN format

In Belarus, on July 4, 2017, all bank accounts were transferred to the international format IBAN (International Bank Account Number). The Bank Identification Code (BIC) defined by the international standard started to be used as well.

Since July 4, 2017, Belarusian banks accept only those payment instructions which contain new account numbers (IBAN) and new bank identification codes (BIC). At that, IBAN and BIC are used both for domestic and international settlements.

The IBAN account number has a fixed length of 28 digits, its structure is determined taking into account the position of banks. The previous account number contained 13 digits.

Customers can get acquainted with new IBAN account numbers in the offices of servicing banks and/or remote service banking systems.

The National Bank draws attention to the fact that in accordance with the requirements of legislation, the change in account numbers will require an adjustment in existing contracts of customers with banks and counterparties. The procedure for amending the contracts is determined by the servicing banks.

As reported, in accordance with Resolution of the Board of the National Bank of the Republic of Belarus No. 195 of May 24, 2017, the transition periods were approved for the practical implementation of IBAN, as well as types of transfers subject to the conditions of the transition period.

In line with Resolution the transition period is established with respect to international bank transfers and transfers in favor of natural persons according to the lists (wages, pensions, allowances, etc.).

The decision on the transition of the Belarusian banks to the use of IBAN and BIC in the implementation of non-cash payments was adopted in 2015 as part of the Action Plan for 2014 -2017 aimed at implementing the methodology of ISO 20022 "Financial services. Universal financial industry message scheme" in the payment system of the Republic of Belarus.

Implementation of IBAN and BIC in the practice of non-cash payments in the territory of Belarus and cross-border settlements will increase reliability of carrying out transactions, speed up the processing of payments and reduce the costs of their conduct, as well as eliminate the possibility of ambiguous identification of a settlement participant.

For all the issues related to the transition to IBAN and BIC, as well as the procedures for their opening and use in settlements, one should contact the servicing bank.

More details on the procedure for switching to IBAN and BIC can be found on the official website of the National Bank of the Republic of Belarus.

The "IBAN Calculator" resource, which allows online determination of the number of the current (settlement) bank account of the economic entity (legal person, individual entrepreneur, notary and lawyer performing advocacy activities individually) in the IBAN format, is placed on the website of the National Bank as well. "IBAN Calculator" will be available until October 1, 2017.