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What is IBAN?

The International Bank Account Number – IBAN - is an account number of a bank’s client established in compliance with international standards.

When will be introduce IBAN in Bulgaria?

  • From 5 June 2006 all payment documents must include an IBAN.
  • From 5 June 2006 all payments in Bulgaria as well as international ones are conducted from client accounts that are in an IBAN format.

What is IBAN in Bulgaria?

  • In Bulgaria the IBAN is an international bank account number generated under ISO 13616.
  • These accounts are recognized by any bank in the European Union and in countries that have adopted the IBAN standard.
  • The introduction and use of the IBAN in Bulgaria is regulated by Ordinance №13 of Bulgarian National Bank.

What is the type of structure of IBAN in Bulgaria?

IBAN is an alphanumeric sequence used internationally to uniquely identify each individual bank account of a client.
The IBAN for use within Bulgaria consists of 22 characters and has the following elements:  

  • country code: “BG” (the first two characters);
  • check digit serving to validate  the correctness of the entered IBAN account (the second two digits);
  • Basic Bank Account Number (BBAN), (consisting of  18 alphanumeric characters);
  • BAE code of  8 alphanumeric characters (BAE – Banking Addressable Entity is a bank, bank branch or another place where banking activities are conducted on the territory of Bulgaria);
  • bank identifier– 4 alphabetic characters which are the first four characters of the international Bank Identifier Code of the bank (BIC code);
  • BAE identifier  – 4 numerical characters which identify the Bank Addressable Entity within the bank;
  • account identifier - 2 numerical characters which identify the type of account;
  • the remaining eight alphanumeric characters are determined by each bank.
  • Characters used within the structure of IBAN are Arabic numerals (from 0 to 9) and Latin script capital letters (from А to Z).
  • In paper format IBAN is expressed as a sequence of 22 characters divided from left to right into groups of four characters each and separated by spaces and where the last group is incomplete.
  • In electronic form IBAN is expressed as a sequence of 22 characters without spaces.

What is the introducing aims of IBAN in Bulgaria?

  • IBAN facilitates the processing of payments and reduces the number of incorrectly performed transfers.
  • IBAN improves the efficiency, speed and quality of domestic and international transfers at a greater degree of security.
  • IBAN improves the accuracy of the presented information and makes it easier for the consumers to make and receive payments.
  • Upon acceptance of an order for a domestic transfer and a transfer to a party that has introduced the IBAN standard, with the help of the check digit the bank verifies the accuracy of the presented account numbers of the payer and beneficiary ( even when the beneficiary is a client of another bank).  
  • The risk of delay or rejection of a payment due to inaccuracies will be reduced because the accounts of the beneficiary will only be credited by using IBAN.

From 1 March 2006 all banks generate an IBAN for their clients...

  • From 1 March 2006 all banks generate an IBAN for their clients - individuals and legal entities.
  • From 1 March 2006 the banks notify their clients – holders of bank accounts - in writing or by other appropriate means, about the IBAN numbers of their bank accounts and the BIC code of the bank; this is done free of charge.
  • From 1 March to 5 June 2006 the banks officially notified the following institutions about the new  IBАN accounts of their clients:
  1. Ministry of Finance;
  2. National Revenue Agency;
  3. National Social Security Institute;
  4. Social Assistance Agency.
  • From 5 June 2006 the account numbers have become active.
  • The servicing bank conducts a check as to the validity of the IBANs of payers and beneficiaries as set out in the payment document.  The bank may return the payment document if the client has not indicated the IBAN of the beneficiary and the BIC of the beneficiary’s bank. 


What should to do the client?

Contact your bank and receive information on how to obtain your IBAN account number generated by the bank.
There is no deadline for receiving the IBAN of your account but after 5 June 2006 your IBAN number has to be used in order to receive funds and make payments out of your account.
From 1 March to 5 June 2006 you should have informed your business partners and those with whom you have dealings related to bank payments about the IBAN number of your bank account. Ask them to provide you with the IBAN number of their accounts.