Who will need IBANs?
From January 2002, individuals and companies either making or receiving cross-border payments in Europe can use IBANs. Those making payments will need to quote the IBAN plus Bank Identifier Code (BIC) of the beneficiary on their payment instructions. Receivers of payments from abroad are likely to be asked for their IBAN by those making payments to them, and so will need to know what the IBAN for their receiving account is. This will be made available by their bank. The BIC for Bank of Ireland is BOFIIE2D for the Republic of Ireland. Payment instructions containing an IBAN should also contain the BIC of the receiving bank.
