Insurance

Mar 1 2018

Swiss International Bank Account Number (IBAN) format used in Switzerland, swiss bank.#Swiss #bank

Swiss bankSwissIBAN.com

Representing IBAN accounts for Switzerland

IBAN stands for International Bank Account Number. It is a standard developed by ISO (International Organization for Standardization) and the ECBS (European Committee for Banking Standards) for the presentation of bank identification systems and account numbers, for which switzerland plays a significant role. Ever since 2001 switzerland was processing payment transactions quoted in IBAN format.

The main purpose of an IBAN is to promote straight-through processing of international financial transactions, thereby making the transfer of funds between different EU countries quick, fast and more efficient.

No bank charges involving IBAN

All payment transactions made within european union, quoted with IBAN numbers are charged like domestic payments, if :

1. The currency used is EURO

2. Account number is in IBAN format

3. Total amount less than EUR 12’500.

Thus, if you make heavy payment transactions withing european union, you can eliminate all the bank costs, by designating your account in IBAN format and currency in EUR. This concession is not possible for payment transactions done in currencies other than euro.

The SWISS IBAN is made up of the following elements:

* a two-letter country code (CH for switzerland)

* a two-number check digit (CD) for the entire IBAN

* a Basic Bank Account Number (BBAN), no more than 30 characters long, comprising

Institution Identification (IID) and Bank Account Number (BAN)

Swiss IBAN consists of maximum 21 alphanumeric characters, uniquely identifies the swiss bank, bank clearing number and customers account number, all included under one roof (IBAN format). When the IBAN is printed on paper it is split into groups of four characters, beginning from the left and separated by a space. While quoted iban in electronic format, it should be written contagiously, without any spaces or special characters inbetween. (Ex. payments using internet banking)

Standard representation of swiss IBAN number:

CH 10 00230 00A109822346

CH – Country code of switzerland (2a)

10 – Control digit derived from special algorithm of IBAN (2n)

00230 – BC (bank clearing) number of swiss banks.(5n)

00A109822346 – Account number (12an)

a- stands for alphanumeric (means it can contain only characters)

n – numbers only in numeric

an – both characters and numbers

On paper, this is always quoted as: (4’s)

The principality of liechtenstein uses the same protocol, as used by swiss banks, but only the country code changes.

LI 10 00230 00A109822346

LI – Country code of liechtenstein(2a)

10 – Control digit derived from special algorithm of IBAN (2n)

00230 – BC (bank clearing) number of swiss banks.(5n)

00A109822346 – Account number (12an)

How to calculate swiss IBAN account number manually?

The swiss iban format are of 21 digits consisting of 4 parts.

1. Country code: CH – 2 characters

2. Control Digit (XX) 2 digits

3. Bank Clearing number (BC nummer) 5 digits

4. Account Number (12 digits)

It is not necessary that, the iban may contain only numbers, but can also have alpha-numeric characters. As you notice from the above parameters, we have all necessary data for iban but ‘Control digit’ is missing. For that see the procedure below.

Goal: To calculate control digit of IBAN from account number, and bc number. You can find the BC number of the swiss bank, here. Banks are grouped according to city/town name in switzerland.

For example, your account number is A-10.2450.26.01 and your account is with

CREDIT SUISSE (5) (Main Branch)

First, padd your account number in 12 digit format, by padding zeros in the front. Strip off all the hyphens, dots and commas. Just make it plain.

Account number: 0A1024502601

Pad the BC number of the bank by zeros in front, if it is less than 5 digits.

Concatenate (Join) )your BC number and account number. This becomes

Again join the step 3 value to: ‘CH00’

In this step, you must convert the whole result from step 4 into numbers, according the table given below, by eliminating alphabet characters.


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