IBAN notice
Notice for clients who maintain euro and sterling accounts
Please note that from 1 January
2007 payment regulations came into force within the European
Union (“EU”) requiring all euro payments made to bank accounts in a
country which is a member of the EU to quote an International Bank
Account Number (“IBAN”) and a Bank Identification Code (“BIC”) –
the latter can alternatively be referred to as a SWIFT
address/code. These details relate to the beneficiary account
and destination bank respectively.
Although the Isle of Man and Jersey are not
members of the EU, it is clear that for all practical purposes we
must quote IBANs and BICs to avoid delays and additional
charges being applied when transferring euro funds to or from an EU
member country.
Although IBANs and BICs are primarily for use
with regard to euro transfers, the principal banks in the UK have
also issued their clients with IBANs for sterling accounts.
In the UK, sterling transfers are made with reference to a sort
code, an account number and the payee account name. There is
no need to quote an IBAN for sterling transfers at present.
Nevertheless, we have decided to issue sterling IBANs to cover any
future software developments that might require IBANs to be used
within the Isle of Man, Jersey or the UK.
Therefore, to assist you in complying with
the regulations, the bank statements that you receive in
future will have IBANs quoted for both euro and sterling accounts
in addition to your existing account numbers. Unfortunately,
the IBANs for euro and sterling accounts will be slightly different
but please remember that only euro transfers are affected by the
regulations at the present time. Other currency accounts are
not affected.
The BIC for clients who maintain euro accounts
with our Isle of Man office is RFLCIMDX and for clients with euro
accounts at our Jersey office it is RFLCJESX. The appropriate BIC
will also need to be quoted when receiving euro funds into your
account, in addition to your IBAN.
If you have set up periodic euro payments with
us under a specific mandate, you will need to obtain the
beneficiary’s IBAN (if it has not already been advised to us) so
that we can include it on subsequent payments. When making
euro payments to parties situated in EU member countries, you will
need to provide us with the relevant BIC and IBAN.
Failure to do so could result in funds not
arriving at the required destination or being delayed.
Additional costs may also be incurred as a result.
If you have any queries please do not hesitate
to call our client services centre on +44 (0) 1624 645000.