Belarus introduces IBAN

From July 4, 2017, by the decree of the National Bank, Belarus transferred to IBAN to speed up international payments. The question automatically arises - what does this mean for companies and ordinary citizens?

What is IBAN

If you ever filled out payment documents manually or in Internet banking, it means that you had to deal with the details - the account of the counterparty and the identification number of the bank. Without this data, the payment cannot be made: it is like sending a letter without an address. But from July 4, 2017, these data should be written in the new format, which is called IBAN (International Bank Account Number), which means “International customer bank account number” in English.

This means that if 13 numbers were used in Belarus before, now this is a 28-digit code consisting of numbers and letters:

• The first two characters are the state code.
• Third and fourth characters - ISO 7064 check digits.
• Next comes the bank account number, as well as the bank identification code, which will also change after July 4.

This number is convenient because it allows you to check the correctness of the account before making a payment, ensure a reduction in operating expenses, and significantly speed up the transfer.

Why did enter IBAN

The introduction of a new code was provoked by many countries of the world by the European Union, which at one time introduced IBAN to speed up international payments. As a result, for convenience, other countries, including Belarus, began to switch to the new standard.

Transition to IBAN is a technical procedure; it does not deliver special amenities to customers. They will not have to change the payment card or sign additional agreements, if this is not indicated in a separate line in the bank agreement. Nevertheless, it is better to find out your number in a new format in advance, long before you need to make a money transfer.

If the company has not transferred to IBAN, what to do?

Active users of Internet banking should take into account that not all service providers are registered in the IBAN. In this case, in the banking service system, you can use the “Free Payment” function, and enter the company details yourself, including the account number and the bank code. If the data about them is stored in the section of permanent payments, after July 4 they need to be updated, otherwise the payment will not work, and instead of speeding up the payment, there will be a delay.

As for companies that have not switched to IBAN, in order not to create additional difficulties for themselves and customers, they will have to do this sooner or later. The sooner this is done, the less complications will arise when working with domestic and international accounts.