IBAN also for Payment Transactions within Switzerland
Payments without the IBAN indication are still being processed in Switzerland without additional costs. Needless to say, within the next few years additional costs will most likely be charged also for domestic payments where the IBAN indication is missing. So why not start using the IBAN indication right now for all payments instead of the former bank-related account number? This way you will be ideally prepared for the future.
What are IBAN and BIC?
- IBAN stands for International Bank Account Number and is the international standard for the presentation of account numbers.
- BIC stands for Bank Identifier Code and is used to identify the receiving bank.
Your Benefits at a Glance
- You pay no additional fees for cross-border transfers.
- Your payments are processed fully automatically and thus more quickly.
- Your payments are processed more reliably, since we can recognize an
incorrect IBAN.
Why are the IBAN and BIC important?
- The IBAN practically eliminates erroneous payments, which is the main reason why the IBAN will become mandatory in Switzerland, too.
Additional charges must be expected in the next few years for payments within Switzerland without the IBAN indication.” - Using IBAN and BIC permits automated processing of your international payment orders.
Without these codes, additional fees will be incurred in the receiving country; we will be forced to pass these fees on to you as the customer.
Where do I obtain an IBAN and a BIC?
You can obtain the codes for the account number (IBAN) and the bank (BIC) from the recipient of your payment.
Are IBAN and BIC also important for eBanking payments?
Yes, they are. IBAN and BIC must be stated for all international payments in EU countries. For domestic payments, the IBAN should be used whenever possible. Please replace the account numbers with the corresponding IBAN numbers in your payment documents and standing payment orders in eBanking.
What is the IBAN for my account?
The IBAN for your account is included in your statements. You can also obtain your IBAN with the IBAN tool available at www.iban.ch.
How is an IBAN structured?
A Swiss IBAN has 21 characters. The IBAN is split into groups of 4 characters, which makes it easier to read.
Example of an IBAN
Bank Clearing Number: 770 (Basler Kantonalbank)
Account Number: 16 222.333.44
What is the BIC of Basler Kantonalbank?
The BIC code for Basler Kantonalbank is: BKBBCHBBXXX.
