International Bank Account Number being introduced in Ukraine

International Bank Account Number will be introduced in Ukraine from August 5, 2019.
"From August 5, 2019, the introduction of the International Bank Account Number will start in Ukraine in accordance with the requirements of ISO 13616. Taking into account the comprehensiveness of measures for introducing this international standard, the National Bank of Ukraine reminds banks and their clients about peculiarities of this process," the press service of the National Bank of Ukraine reports.

Starting from August 5, the banks will open new accounts in accordance with the requirements of IBAN standard. At the same time, the banks will change the effective account numbers in accordance with the requirements of this standard while maintaining the current number of analytical accounting.

From November 1, 2019, the use of IBAN will become mandatory for customers of all banks in Ukraine during the transfer of funds in both national and foreign currencies, including cross-border transfers.

All payment cards issued by banks for a customer’s account remain valid; they are a payment instrument that provides a customer with the possibility of using a payment device, in particular, to initiate the transfer of funds from a bank account.