IBAN in Bulgaria
What is IBAN in Bulgaria? What is the structure of IBAN in Bulgaria? Example for IBAN in Bulgaria. When IBAN was introduced in Bulgaria? The implementation and use of IBAN in Bulgaria is regulated by Regulation No. 13 of Bulgarian National Bank and represents a sequence of 22 signs – letters and figures.
IBAN number is generated for each bank account of a customer only by the bank serving him.
Since 5 June 2006 all payments in the country and those to abroad are made from customers’ accounts in IBAN format. These accounts are recognized by any bank within the European Union and in the countries, which have adopted the IBAN standard.
According to Regulation No. 13 of BNB the IBAN used in Bulgaria consists of the following elements with total length of 22 signs:
- country’s code “BG”;
- control number (two figures), used for checking the correctness of the entered IBAN account
- main number of the bank account (BBAN) consisting of 18 signs (letters and figures):
- BАU code (Bank addressable unit – BAU (БАЕ) is HQ of bank, branch of the bank or other location for execution of banking activity on the territory of Bulgaria) is a code provided by BNB consisting of 8 sigh=ns (figures and letters) which synonymously determined BAU in Bulgaria;
- identification of bank – 4 signs (letters), which are the first 4 ones from the international bank identification code of the bank (BIC code);
- identification of BAU – 4 signs (figures), which identify the bank addressable unit within the bank;
- identification of the account type – 2 signs (figures), which specify the account type;
- the remaining eight signs (figures and letters) are set by each bank
The signs used in IBAN structure are Arabic figures (from 0 to 9) and capital letters from the Latin alphabet (from А to Z). In electronic form IBAN is written as sequence of 22 signs without intervals between them.
On paper IBAN is written as sequence of 22 signs divided from left to right in groups of 4 signs each divided by interval and the last group is incomplete.
BG80 TEXI 9545 1020 3456 78
Since 5 June 2006 all payment documents contain IBAN.
Since 5 June 2006 the only valid number of a customer’s account for cash transfer is the IBAN.