Using IBAN starting 1 August
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Starting 1 August, everyone in the Netherlands will use an IBAN number. IBAN stands for International Bank Account Number and is a longer bank account number. The Dutch IBAN will have country code NL, two control numbers, a 4-letter bank code and one or more zeros in front of the current nine-digit bank account number.
IBAN is not a new phenomenon:every account already has one. Up until 1 August, the nine-digit bank account number and the IBAN could be used side by side. Starting 1 August, only the IBAN will be able to be used.
Payments in eurozone more uniform and efficient
European law dictates the use of IBAN. Starting 1 August, both consumers and companies will be required under EU law to use IBAN with every transaction. The goal is to ensure every payment within the SEPA zone (Single Euro Payment Area) is made in the same manner. Asa result, money transfers between SEPA countries will be carried out more efficiently and uniformly.