TTT Moneycorp Wholesale Currency Services Guide to IBAN, SWIFT, BIC and payment cut-off time

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Dominic Randall
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1 TTT Moneycorp Wholesale Currency Services Guide to IBAN, SWIFT, BIC and payment cut-off time Introduction Sending or receiving funds from other countries can sometimes seem confusing when you are confronted with the International Banking System. Fortunately, most countries use similar systems and the good news is that major work is being carried out to standardise the International Banking System to simplify the transfer process. We want to make your transaction as smooth and straightforward as possible for you, so we have created a brief guide to International Bank Accounts to help you. International Bank Account Number IBAN Transferring funds to Europe has been made simpler with the introduction of the International Bank Account Number (IBAN). The IBAN was developed by the International Organisation for Standardisation (ISO) and adopted by the European Committee for Banking Standards in order to encourage hassle free cross-border transfers throughout Europe. The purpose of the IBAN is to make it possible to identify an account held at a bank anywhere in the world. By having a standardised format for international account numbers, money transfers can be processed both quickly and securely. Some people mistake the IBAN for a new account number and are unsure which number to quote when asked. The IBAN is not a new account number, it is a series of alphanumeric characters that incorporates the ISO country code, two check digits and the bank branch reference number, which precedes your own account number at that bank. Payment Processing In June 2005, the European Payments Council (EPC) passed a resolution requiring all European banks from 1 January 2006 to process all cross-border (non-domestic) payments, received within the EU and EEA, with mandatory BIC and IBAN information. Although TTT Moneycorp Ltd Wholesale Currency Services have continued to process payments without both BIC and IBAN information the receiving bank have in some circumstances charged an additional fee for processing these payments. In addition, the EPC resolution also states that from 1 st January 2007, payments within the 28 EEA countries that do not have a valid SWIFT/BIC (Bank Identifier Code) and IBAN (International Bank Account Number) can be returned/rejected (less a fee). Therefore, please note that we now require valid SWIFT/BIC (Society for Worldwide Inter-bank Financial Telecommunication)/(Bank Identifier Code) and IBAN (International Bank Account Number) details from clients wishing to make payments to any of the 28 European Economic Area (EEA) states (these are the 25 EU states, plus Iceland, Liechtenstein and Norway). In addition payments to Switzerland as well as Bulgaria and Romania (who will be joining the EU as of 01 st January 2007) are included. European International Bank Accounts Below is a table listing the European countries that accept IBAN, along with a typical example of the specific country IBAN. Although the IBAN format differs from country to country, for each country, the IBAN is a fixed length and has common alphanumeric characters.

2 *Please note that the examples given below are for illustrative purposes only Country IBAN Length Country Code Example Andorra AD AD Austria 20 AT AT Belgium Bulgaria BE BG BE BG62 UBBS Cyprus 28 CY CY Czech Rep CZ CZ Denmark 18 DK DK Estonia 20 EE EE Finland 18 FI FI France 27 FR FR M Germany 22 DE DE Gibraltar Greece GI GR GI75 NWBK GR Hungary Iceland HU IS HU IS Ireland 22 IE IE29 AIBK Italy 27 IT IT60 X Latvia Lithuania Luxembourg LV LT LU LV60 BANK LT LU Netherlands 18 NL NL91 ABNA Norway 15 NO NO Poland 28 PL PL Portugal Romania 25 PT RO PT RO12 ABCD 1A Slovak Republic Slovenia Spain 19 SK SI ES SK SI ES Sweden SE SE Switzerland 21 CH CH UK 22 GB GB29 NWBK Bank Identification Codes (BIC) and Society for Worldwide Interbank Financial Telecommunication (SWIFT) Codes The Bank Identifier Code is a universal method of identifying financial institutions, to enable the automated processing of telecommunications messages (SWIFT) in the banking system. The basic BIC consists of eight consecutive characters that include: Bank Code 4 alphabetic characters. Country Code 2 letter country code. Location Code 2 alphanumerical characters identifying the location of the institution within the specified country. Some BIC codes consist of eleven characters, which include additional information to identify the actual branch that holds the account. This is optional and you shouldn t worry if your BIC doesn t contain these additional characters. Branch Code 3 alphanumeric characters Bank Country Branch Code Code Identifier MIDL GB BICs are applicable to all banks and financial institutions. All BICs are registered by SWIFT and there are two categories of BICs - those referring to financial institutions connected to SWIFT and those not

3 connected to SWIFT. In most cases, the BIC will be connected to the SWIFT network. If you are in any doubt, you should always include the BIC, as using this will help you to avoid delays with a payment. Charges When you make a payment to most countries you are subject to bank charges once the funds arrive at the destination account. These charges differ between countries and banks. When you provide the full IBAN and a valid BIC you can reduce charges significantly, as using both of these limits the need for the bank to process the payment. Less bank involvement also means funds will be credited to beneficiary accounts more quickly. Summary Transferring funds abroad is very simple because of new measures that enable banks to use a consistent method of communication. Using the correct identification numbers will ensure smooth overseas transfers. Our electronic payment cut-off times Key * = Possible to send Local CCY but not advisable ** = Not possible to send in local currency. Only majors (e.g. EUR, GBP and USD) SD = Same day value NWD = Next working day value 2WD = Two working day value STATUS SWIFT COUNTRY CUT-OFF VALUE TIME PERIOD AED United Arab Emirates 11:00 NWD ANG* Netherland Antilles 15:00 NWD REFER ARS** Argentina REFER REFER AUD Australia 14:00 NWD BBD* Barbados 14:00 NWD BGN** Bulgaria BHD Bahrain 10:00 NWD BMD* Bermuda 14:00 NWD BND Brunei 16:00 2WD BOB** Bolivia REFER BRL** Brazil REFER REFER BSD* Bahamas 14:00 NWD REFER BWP** Botswana REFER REFER REFER BZD** Belize REFER REFER CAD Canada 14:30 SD CHF Switzerland 09:00 SD CLP** Chile CNY** China COP** Colombia REFER CRC** Costa Rica REFER REFER CYP Cyprus 14:00 NWD CZK Czech Republic 16:30 NWD DKK Denmark 16:30 NWD DOP** Dominican Republic ECS** Ecuador EEK Estonia 17:00 2WD EGP** Egypt EUR Euroland 13:30 SD FJD Fiji 16:00 2WD

4 GBP Great Britain 15:30 SD REFER GHC** Ghana REFER REFER GIP** Gibraltar REFER GMD** Gambia REFER REFER HKD Hong Kong 15:00 NWD HRK Croatia 14:00 NWD HUF Hungary 14:00 NWD IDR* Indonesia 16:30 2WD ILS Israel 14:00 NWD INR* India 14:00 NWD ISK Iceland 12:00 NWD JMD* Jamaica 11:00 NWD JOD Jordan 11:00 NWD JPY Japan 16:30 NWD KES Kenya 14:00 NWD KRW** South Korea KWD Kuwait 15:00 NWD KYD* Cayman Islands 11:00 NWD LBP** Lebanon LKR* Sri Lanka 14:00 NWD LTL Lithuania 11:00 NWD LVL Latvia 14:00 NWD MAD* Morocco 16:00 2WD MTL Malta 14:00 NWD MUR Mauritius 14:00 NWD REFER MVR** Maldives REFER REFER MXN* Mexico 13:00 SD MYR** Malaysia REFER NAD** Namibia REFER REFER REFER NGN** Nigeria REFER REFER NOK Norway 16:30 NWD NPL* Nepal 17:00 2WD NZD New Zealand 14:00 NWD OMR Oman 10:00 NWD PEN* Peru 15:00 NWD REFER PGK** Papua New Guinea REFER REFER PHP Philippines 14:00 NWD PKR* Pakistan 14:00 NWD PLN Poland 14:00 NWD QAR Qatar 10:00 NWD RON** Romania RUB** Russia SAR Saudi Arabia 12:00 NWD REFER SCR Seychelles REFER REFER SEK Sweden 16:30 NWD SGD Singapore 14:00 NWD SIT* Slovenia 14:00 NWD SKK* Slovakia 15:00 NWD SYP** Syria SZL** Swaziland THB Thailand 10:00 NWD TND* Tunisia 14:00 NWD TRY* Turkey 16:30 NWD TTD* Trinidad and Tobago 14:00 NWD

5 TWD** Taiwan REFER TZS** Tanzania REFER REFER UAH** Ukraine USD United States of America 17:00 SD UZS** Uzbekistan REFER VEB** Venezuela REFER REFER XCD* East Caribbean 14:00 NWD ZAR South Africa 15:30 NWD REFER ZWD Zimbabwe REFER REFER Consideration should be made to local banking hours, weekends and public and bank holidays in the beneficiary and intermediary bank s countries. If you wish to transfer funds to a country that is not listed above, please contact us directly for further information.

Argentina Bahamas Barbados Bermuda Bolivia Brazil British Virgin Islands Canada Cayman Islands Chile

Argentina Bahamas Barbados Bermuda Bolivia Brazil British Virgin Islands Canada Cayman Islands Chile Americas Argentina (Banking and finance; Capital markets: Debt; Capital markets: Equity; M&A; Project Bahamas (Financial and corporate) Barbados (Financial and corporate) Bermuda (Financial and corporate)