Dear customers,
On January 1, 2004 a new international standard for account numbers IBAN (International Bank Account Number) will come into effect in the Estonian banks. The innovation concerns only customers who perform foreign payments.
IBAN system is introduced under European Union recommendation and is to be used in 27 countries: Andorra, Austria, Belgium, Estonia, Gibraltar, Spain, Holland, Ireland, Iceland, Italy, Greece, Lithuania, Luxemburg, Latvia, Norway, Poland, Portugal, France, Sweden, Germany, Switzerland, Slovenia, Finland, Great Britain, Denmark, Czech Republic and Hungary.
IBAN system implies use of standardized account numbers in foreign payments enabling different payment systems of EU countries efficiently verify correctness of account numbers
and requisites.
IBAN system enables to perform international payments more effectively and quickly as well as improve automatic payment processing.
Please pay attention that use of IBAN system does not cancel the settlements routine for domestic payments. Clients account numbers will be in use for making domestic payments in Estonia as it was previously done.
IBAN contains 20 digits.
First 6 digits is a code enabling payment systems of other countries to verify the country and the bank of the customer.
The last 14 digits is an existing and unchangeable account number of the customer with the bank that is still in use for domestic payments.
The following is an example for the account number with Tallinn Business Bank under IBAN system:
Е | Е | 9 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 9 | 3 | 0 | 0 | 0 | 1 | 2 | 3 | 4 | 6 |
Country code | Check sum | Bank Code | Customers present account number | ||||||||||||||||
Please pay attention that since December 30, 2003 your account statement will contain IBAN number that you obtained as our bank customer.
You can learn your IBAN number from Internetbank, by phone: +372 6688066, fax: +372 6688001, e-mail: info@tbb.ee or applying to any of Tallinn Business Bank Branches
Please notify all your foreign partners of IBAN number in order to smooth down passing to the IBAN system. In addition we recommend you to ask your partners, residents in abovementioned 27 countries, for their IBAN numbers and request to put it down on all payment documents.
In future Tallinn Business Bank reserves the right to introduce higher price for international money transfers to EC countries if the account number in IBAN system is missing.
Additional information on the introduction of IBAN system can be found on:
www.tbb.ee Tallinn Business Bank
www.pangaliit.ee The Estonian Banking Association
www.ecbs.org/iban.htm The European Committee for Banking Standards