What is an IBAN?

IBAN (International Bank Account Number) is a standardized international format of the account number, consisting of letters and numbers, which apart from the account number contains the country code (UA) and MFO of the bank.

According to Board Resolution of the National Bank of Ukraine №162 of December 28, 2018 On Implementation of the International Bank Account Number (IBAN) in Ukraine, IBAN shall be used by all Customers of all banks of Ukraine on a mandatory basis when carrying out transfers both in domestic and foreign currency, including during international transfers starting from August 5, 2019.

Why you need IBAN?

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Faster payments between banks

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Simplified automatic processing of payments by banks in the countries of the European Economic Area

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Easy identification of payer and recipient, as well as bank of Ukraine

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Prompt receipt of payments, in particular from counterparties from the countries of the European Union

Migration to the new format of international bank accounts

Starting from August 5, 2019, Raiffeisen Bank opens new accounts for the Customers according to IBAN standard.

Until November 1, 2019, the Bank independently substituted the account numbers of all Customers that were opened before August 5, 2019 with the IBAN number according to the requirements of the standard. The Bank also informed the State Fiscal Service of Ukraine on the change of the account details of persons conducting independent professional activities, individual entrepreneurs and legal entities. The Bank provided independently (without the application of customers) to the respective bodies the list of account numbers according to IBAN standard to which the funds are accrued by the bodies of the Pension Fund of Ukraine/social protection bodies.

After the migration, new account details in IBAN format may be checked in:

Raiffeisen Online (for current and deposit accounts of private individuals)
and Raiffeisen Business Online (for accounts of persons conducting independent professional activities, individual entrepreneurs and legal entities);
Branch of the Bank

Starting January 13, 2020 only IBAN may be indicated in the payment documents.

Starting from November 1, 2019, accounts of persons conducting independent professional activities, individual entrepreneurs and legal entities, which tax authorities refuse to enter into records, are not be available for the withdrawal transactions and cashless transfers. The respective accounts shall be closed by the Customers according to the procedure effective in the Bank!