Article & Journal Resources

{IBAN = International Bank Account Number)

Starting from the first quarter of 2006, Swiss banks will be bringing client bank account numbers into line with international IBAN standards.

This step is aimed at simplifying and speeding up money transfers within Switzerland and abroad.

Some helpful tips and practical information

1) Notify your partners of your IBAN immediately.

2) Replace your red paying-in slips and order new ones that show your IBAN.

3) Orange paying-in slips (paying-in slips containing a reference number) are

not affected by the IBAN, so there is no need to change them.

4) For payments from abroad and payments to be made abroad, you will need the BIC

(Bank Identifier Code) in addition to the IBAN.

5) Consequently, you should always notify your partners abroad of your IBAN and the

BIC for the Bank (PICTCHGG) when receiving payments from abroad.

Your client and deposit numbers are not affected by this change.

Advantages of the IBAN for our clients

- Only one number is required to identify the bank and the account of the

beneficiary.

- The bank clearing number (BCN) is included directly in the IBAN.- The account

number has a uniform appearance for money transfers in Switzerland and abroad.

- The country and banking establishment of the account holder are easily

identifiable.

- Straightforward and automated processing of payment orders for persons receiving

funds in Switzerland or in a Eurozone country.

- Data entry errors are identified immediately thanks to the check digit.

Copyright 2007, Pictet & Cie, Private Bankers

Private Banking, Wealth Management, Asset Management, Geneva, Switzerland.

International Bank Account Number Rabu, 2007 November 21

{IBAN = International Bank Account Number)

Starting from the first quarter of 2006, Swiss banks will be bringing client bank account numbers into line with international IBAN standards.

This step is aimed at simplifying and speeding up money transfers within Switzerland and abroad.

Structure of the IBAN account number (example)


Some helpful tips and practical information
1) Notify your partners of your IBAN immediately.
2) Replace your red paying-in slips and order new ones that show your IBAN.
3) Orange paying-in slips (paying-in slips containing a reference number) are
not affected by the IBAN, so there is no need to change them.
4) For payments from abroad and payments to be made abroad, you will need the BIC
(Bank Identifier Code) in addition to the IBAN.
5) Consequently, you should always notify your partners abroad of your IBAN and the
BIC for the Bank (PICTCHGG) when receiving payments from abroad.

Your client and deposit numbers are not affected by this change.
Advantages of the IBAN for our clients

- Only one number is required to identify the bank and the account of the
beneficiary.
- The bank clearing number (BCN) is included directly in the IBAN.- The account
number has a uniform appearance for money transfers in Switzerland and abroad.
- The country and banking establishment of the account holder are easily
identifiable.
- Straightforward and automated processing of payment orders for persons receiving
funds in Switzerland or in a Eurozone country.
- Data entry errors are identified immediately thanks to the check digit.


Copyright 2007, Pictet & Cie, Private Bankers
Private Banking, Wealth Management, Asset Management, Geneva, Switzerland.