IBAN use in Lithuania and the EU
IBAN – an International Bank Account Number), mandatory in EU countries.
The IBAN consists of a two-letter ISO country code, two check digits, beneficiary’s bank or bank branch code and the beneficiary’s basic bank account number. The length of the IBAN can differ from country to country, but its maximum length may not exceed 34 alphanumeric characters.
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IBAN use in Lithuania
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In Lithuania IBAN account number consists of 20 characters (country code LT and 18 digits, for example: LT012345678901234567). This format facilitates settlements between partners in different countries, having different bank identification and account numbering systems.
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IBAN standard account structure in Lithuania |
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Country code, 2 characters (ISO 3166) |
LT |
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2 control digits that will be automatically ascribed by the bank |
XX |
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Bank code, 5 characters |
XXXXX |
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11-character number corresponding to the previous account number |
10012345678 |
In a paper format, account number is divided into 4-digit groups. In electronic formats, account number is entered without any spaces, in a line of 20 characters.
Upon failure to indicate IBAN in the Bank Account Field, the transferred funds will not be credited to beneficiary’s account while correction of the transfer order will carry delays and extra costs.
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IBAN use in EU countries
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For cross-border transactions among euro zone banks customers in euro the beneficiary’s account field shall carry IBAN (the word IBAN shall not be spelled) instead of the beneficiary’s account number. If IBAN is not used, the ordering customer may face higher correspondent banks charges, while the beneficiary customer may face delayed payment or non-payment. In some member states credit transfer orders without IBAN (for instance in Poland transfers in PLN) are rejected. IBAN shall contain only capital letters and numbers without spaces or separators such as dashes, dots, semicolons etc.).
