What is it used for?

It serves in the unambiguous identification of the client’s account, the country in which the client’s account is maintained, and the code of the bank. The listing of the payee’s IBAN and the BIC of the payee’s bank serve to support the automated processing of cross-border payments.

What is a cross-border payment?

A payment sent within the European Economic Area in the EUR currency.

What is the European Economic Area (EEA)?

The European Economic Area includes European Union Member States: Belgium, Denmark, Finland, France, Ireland, Italy, Luxembourg, Netherlands, Germany, Portugal, Austria, Greece, Spain, Sweden, Great Britain, Czech Republic, Estonia, Cyprus, Latvia, Lithuania, Hungary, Malta, Poland, Slovenia, Slovakia, and EEA countries: Iceland, Lichtenstein, Norway.

What is the structure of an IBAN?

An IBAN for the Czech Republic always has 24 alphanumeric characters with the following structure:

• Written format: CZ34 0600 0000 0001 2345 6789
• Electronic format: CZ3406000000000123456789

For which payments is an IBAN used?

IBAN is used exclusively in foreign payment transactions for cross-border payments, with the statement of the BIC of the payee’s bank.

What is a BIC?

BIC is the SWIFT address of the bank and has 8 or 11 characters.

GE Money Bank’s BIC is: AGBACZPP

Can an IBAN be also used in domestic payment transactions?

No, an IBAN is used exclusively in foreign payment relations.

Where can I get my IBAN?

The IBAN and BIC of your bank are stated on your account statement, or you can request it at the point of sale where your account is maintained.

Will a cross-border payment be processed if the payee’s account number is not stated in the IBAN format, or if the BIC is not filled in?

YES, the payment will be processed, but may be subject to a different fee.

Is there a difference in the fee amounts if the payee’s IBAN and the BIC of the payee’s bank are not stated on a payment sent within the EEA in EUR?

YES. If the IBAN or BIC of a payment sent within the EEA in EUR is not provided, GE Money Bank can charge different fees and a foreign bank will request an additional fee increase to be debited from the client’s account.

What do I need to tell my foreign partner who is sending me a cross border payment?

For the payment to be processed automatically and to prevent a fee increase, you need to inform him of:

• Your account number in the IBAN format
• GE Money Bank’s BIC: AGBACZPP

What do I need to learn from my foreign partner to whom I am sending a cross-border payment?

For the payment to be processed automatically and to prevent a fee increase, you need to find out: the payee’s account number in the IBAN format, and the BIC of the payee’s bank.

What is the rate of the increased fees if the payee’s IBAN and the BIC of the payee’s bank are not stated on a cross-border payment?

• GE Money Bank fees are stated in the current List of Tariffs
• Fees charged by foreign banks are individual, based on the particular bank and its List of Tariffs

Is the generation of an IBAN subject to a fee?

NO, the generation of IBAN is not subject to a fee and does not have any impact on your contractual relations with GE Money Bank.

Can I use the IBAN even for payments sent in a currency other than EUR?

YES, the payment will be processed, but it does not fall into the category of cross-border payments.

Calculator for an informative IBAN calculation

If you want to know what your account may look like in the IBAN format, calculate it using the following calculator. Your exact format will be provided to you at a GE Money Bank branch.

Enter the account number from the agreement on bank products and services:
Part one = prefix, if the account has none, then leave blank
Part two = core of the account number – up to 10 numeric characters
Bank code = bank code with 4 numeric characters (e.g.: 0600)