Memo for clients of banks

According to the Resolution of the National Bank of Ukraine dd. 05.08.2019, the International Bank Account Number (IBAN) was introduced in Ukraine.

What does this number stand for?

This number is used in the international settlements and includes 29 characters (letters and numbers). It is designed to simplify money transfers and reduce their costs. With effect from 01.01.2019, all transfers will be carried out exclusively under this code.

Why do the bank customers need this code?

In fact, other details (like the account number, bank’s MFO) are replaced with the IBAN code. It is assumed that thanks to the new standard, the customers will be able to:

• more conveniently draw up the settlement documents;
• determine the payer (recipient) of money and the servicing bank;
• promptly receive and send funds.

The National Bank of Ukraine also plans to implement a possibility to pay under the QR code, which will contain information about IBAN. Many seafarers, who have used to make the S.W.I.F.T. transfers, are familiar with the European standard. Such payments have been made using this code for a long while.

How does IBAN look like in “MTB BANK”?

Our bank’s IBAN will look like the following:

How much time is required to switch to the new standard?

Until 05.08.2019, money was transferred under the old scheme, where the MFO code and account number were indicated separately.

From 05.08.2019 to 31.10.2019, one can optionally choose how to specify the bank details, either IBAN or MFO and account number.

Starting from 01.11.2019, all customers will be shifted to IBAN as will be duly notified by the bank. All payments will be made using this code only.

Is it necessary to visit the bank to change the details?

The details will be switched to a new format automatically. At that, all payment cards remain the same tool as before. We recommend that you warn your counterparties about changing the details.

To get more information about the new standard, as well as about our credit lines and deposit programs, please, contact our managers.