IBAN stands for International Bank Account Number which aim to simplify payment transactions among banks all over the world. This is a standard bank account system in the EU.
On August 5, 2019, Ukraine introduced an international bank account number (IBAN), consisting of 29 alphanumeric characters.
IBAN consists of 29 alphanumeric characters conditionally divided into two groups.
The first 10 characters are the country code, check digit and bank code. First two letters – UA – are the code of Ukraine. Two digits following the code are check digits designed to verify the authenticity of the account and protect information from errors when entering data. The next six digits are the MFI (bank code).
The second group of characters (19 characters) is a bank account number of the client. The first five zeros, as a rule, supplement IBAN with up to 29 characters, and 14 digits is the card account number.
What is IBAN for?
International account numbers are necessary to effectively process the cross-border SWIFT payments. Using IBAN reduces payment delays and helps simplify and reduce the cost for processing and settlement with other countries.
How are SWIFT wire transfers credited?
The funds are credited to the beneficiary's account at the details selected by the paying client (account or an IBAN).
If previously you had been received SWIFT transfers (before August 05, 2019), then you can get updated IBAN details from the bank.
Please note! You also can receive SWIFT transfers using old details.
Can a card number be indicated in IBAN?
Yes. The IBAN number can include both the card number and the card account starting with 2620.
Why the account number 2620, not the card number is indicated in the IBAN?
Account starting with 2620 is the account number for your card. Upon receipt of a transfer, money is crediting to your card.
Where can I find my new account number?
You can get the details in the following channels:
How to convert your old account number to IBAN account?
Your old number was automatically converted to an IBAN account in Privat24. You don’t need to do anything for this.
