International Bank Account Number (IBAN)

IBAN (International Bank Account Number) is a standardised and electronically recognisable format of a Bank Account number, which was created by the European Committee for Banking Standards (ECBS) and the International Organisation for Standardisation (ISO). The aim of the IBAN is to facilitate the error-free processing of cross-border credit transfers and to improve the potential for straight through processing (STP).

The IBAN is a series of alphanumeric characters that uniquely identifies an account held at a bank anywhere in the world. The IBAN has a maximum of 34 alphanumeric characters.

Regulation (EC) No 924/2009 of the European Parliament and of the Council of 16 September 2009 on cross-border payments in the Community and repealing Regulation (EC) No 2560/2001, having recognised the need for significant improvements in the efficiency of cross-border payments in euro with regard to cost, speed and quality, requires payment service providers to provide the IBAN and their BIC (Bank Identifier Code) to their customers.

In the process of applying the provisions of the above, the Central Bank has, in co-operation with the banking industry, prepared a manual for the implementation of the IBAN standard. The electronic format of IBAN in Cyprus is made up of 28 consecutive alphanumeric characters and its structure contains the following successive parts,



CY = Country Identification (ISO code)

DD = Check Digit

TTT = BANK Identification Code

KKKKK =Branch Identification Code

XXX……X= Customer Account Number (BBAN)

The Cyprus IBAN has been adopted by all domestic banking institutions as from 1 April, 2004, and has been also registered with the ECBS.

Relevant details of IBAN implementation in Cyprus can be found in the following documents:


- Handbook for the standardisation and application of IBAN in Cyprus MANUAL. In order to be in line with the current legislative and regulatory regime in Europe as regards payments, this manual should be read with the following amendment:

The terms "financial institution" and "credit institution" are replaced by the term "payment service provider"; the terms "banking" and "bank account" are amended accordingly.

By consequence, the IBAN standard may be applied not only by banks and cooperative credit institutions, but also by electronic money institutions and payment institutions.

- Register of Cyprus Bank and Branch Directory.  DIRECTORY

- Extract from the ‘Register of European Account Numbers’ TR2 issued by ECBS concerning Cyprus. REPORT EXTRACT

Additional details of IBAN implementation across Europe may be found in publications by ECBS on their website.


IBAN conversion tools

Banks offer IBAN conversion tools on their websites. These tools are also accessible through the website of the Association of Cyprus Banks ( ).


BIC from IBAN derivation rules for Cyprus

According to Regulation (EU) 260/2012, as from 1 February 2016 PSUs (Payment Service Users) will no longer be required to indicate the BIC (Business Identifier Code) of the payee's PSP (Payment Service Provider) in order to execute payment transactions in the form of credit transfers or direct debits. As from 1 February 2016, PSUs will be required to indicate only the IBAN (International Bank Account Number) of the payee.

In view of this 'IBAN only' rule and to facilitate payment service users, a Table listing the BICs of payment systems providers operating in Cyprus along with the corresponding Bank Identifier (positions 5-7 of a Cyprus IBAN) can be found in the following link. BIC form IBAN