Circular 11/03: International Bank Account Number (IBAN)


  • Date: 01/10/2003

Outline

www.ecbs.org.club.payments@thomasmiller.com

  • This Circular requests Members, Club Correspondents and suppliers of services to provide or confirm details of their International Bank Account Number (IBAN).
  • IBAN's enable more effective automatic processing of funds – this will result in faster, safer and cheaper transfer.
  • IBAN details are available from your bank – it is your existing account number confirmed in a format that is recognizable internationally.

Action:

  • Members, Club Correspondents and suppliers of services to the Club should forward their IBAN details as explained in this Circular without delay.

TO THE MEMBERS, CLUB CORRESPONDENTS AND SUPPLIERS OF SERVICES

Dear Sirs

The European Committee for Banking Standards (ECBS) have adopted the use of International Bank Account Numbers (IBANs) to facilitate cross border payments within the European Union (EU). They have been introduced to standardize account numbers internationally and enable more effective automatic processing of international payments. Elimination of manual intervention will result in faster, safer and cheaper delivery of funds. Additional information relating to IBANs may be found on the website for the ECBS at

The EU has also introduced regulations to align charges for local and cross-border payments within the EU effective from 1st July 2003 on transfers of EUR 12,500 or less (this figure will be increased to EUR 50,000 in July 2006). If the IBAN number is not quoted on transfers of funds to bank accounts, charges may be imposed by the remitting bank.

The IBAN is not a new account number. It consists of your existing bank account number in a format that makes it recognizable internationally, and full details may be obtained from your bank.

In order for us to comply with European banking requirements and to ensure payments are made to you in the most efficient manner, it is important that we hold the IBANs of all companies to which payment is made from time to time. We hold many IBAN details in our records already but we now need to ensure that they are correct and to include any missing IBANs.

All Members, Club Correspondents and suppliers of services are now requested to forward to us the following details:

Company Name & Address – quote our reference number as shown above.

IBAN (International Bank Account Number)

SWIFT/Sort/ABA Code as applicable

Our contact details are as follows:

e-mail address:

Fax Number: + 44 20 7204 2189

Or by post for the attention of Club Payments to the address to:

Thomas Miller P&I Ltd. (Attention: Club Payments)

26 Creechurch Lane

London EC3A 5BA

 

Yours faithfully

Thomas Miller (Bermuda) Ltd.

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