International Bank Account Number (IBAN) is a number attached to all accounts in the EU countries plus Norway, Switzerland, Liechtenstein and Hungary. The IBAN is made up of a code that identifies the country the account belongs to, the account holder's bank and the account number itself. The IBAN makes it easier and faster to process cross-border payments.
The IBAN makes automatic processing of cross-border payments easier and enables the bank to check, immediately upon receipt, whether the account numbers are correct. This ensures a fast credit to the account and at the same time, you avoid fees for manual processing of transfers.
Ask your international suppliers to notify you of their IBAN so that you can use it when initiating a payment via Investment and Commercial Bank of Poland. If your supplier are situated in ? EU, the IBAN must be part of the invoice you receive. If your are acting within a euro country the use of IBAN is also obligatory for domestic euro payments from 1 Feb 2014.
If you sell goods and services to international customers, you are obliged to add IBAN on the invoices sent by you. Investment and Commercial Bank of Poland can provide you with labels that you can fill out with your IBAN and attach to your invoices. If your IBAN does not appear on your invoice,. If your are acting within a euro country the use of IBAN for domestic euro payments is also obligatory from 1 Feb 2014.
The bank will assign an IBAN to your current accounts. You cannot automatically calculate an IBAN yourself, as each bank might have different methods of registering their account numbers in the IBAN. The IBAN appears on account statements and in the bank's online systems.
