Hi Terry The concept of IBAN is interesting. Is there a numeric equivalent of the country & bank code, so that we can do any transaction using the simple ATM.
For the country, their telephone code can be used. For the banks, I think they already have a numeric swift code. Regards Madan --- [EMAIL PROTECTED] wrote: > From: <[EMAIL PROTECTED]> > To: "U.S. Metric Association" <[EMAIL PROTECTED]> > Subject: [USMA:19591] Re: Book by Louis > Date: Tue, 23 Apr 2002 14:06:04 +0100 > Organization: Connected Systems Ltd > Reply-to: [EMAIL PROTECTED] > > > Of Louis JOURDAN > > (I have been told that IBAN stands for > International Bank Account > > Number, a standard for electronic transfers). You > should have no > > difficulties. > > I have made several bank to bank transfers US->UK > and UK->US. It has > been reasonably straightforward so far although you > sometimes need to be > determined with small banks. It used to cost me > about 30 pounds but I > have found a way to do it for no charge (which I > don't think will apply > in your case). > > International transactions should get simpler and > cheaper soon because > of increasing standardisation in the banking > industry. IBAN will soon > become mandatory for payments in Euros in the > Eurozone. EU banks were > using non-standard methods which meant that costs > were high and payments > were going missing at an alarming rate. The EU > decided to standardise on > IBAN because many banks already use it and it is an > ISO standard. > > "Under the Regulation: > > charges for withdrawals from cash machines and the > use of bank cards (up > to ?12,500) must be the same, when denominated in > euros, for both > national and cross-border transactions, from 1 July > 2002 > > the charges for credit transfers (up to ?12,500) > between bank accounts > must be the same, when denominated in euros, for > both national and > cross-border transactions, from 1 July 2003 > > customers must be properly informed in advance of > charges for making > national and cross-border payments and of any > changes to those prices > > use of the ISO standard codes, namely IBAN > (International Bank Account > Number) and BIC (Bank Identifier Code), becomes > mandatory, in order to > allow banks to process credit transfers in a fully > automated way > > banks will no longer need to declare to the > authorities any payment > below ?12,500. > > payments in non-euro currencies will also be subject > to the Regulation > if the Member States where those currencies are used > notify the > Commission that they want the rules to apply. > > The Regulation?s rules will be extended to cash > machine withdrawals, use > of bank cards and credit transfers up to ?50,000 > from 1 January 2006. > > A Regulation, unlike a Directive, is directly > applicable in the Member > States without national implementing measures. > > A survey published by the Commission in September > 2001 indicated that > the average cost of cross-border credit charges > remained virtually the > same in 2001 as in 1993 (?24 for transfers of ?100 ? > see IP/01/1293 and > MEMO/01/294)." > > Survey and regulation at: > http://europa.eu.int/comm/internal_market/en/finances/payment/index.htm > > > Of course the regulation does not apply to non-Euro > and/or non-EU (i.e. > US to France). My UK bank currently uses SWIFT > rather than IBAN. > > > -- > Terry Simpson > Human Factors Consultant > [EMAIL PROTECTED] > www.connected-systems.com > Phone: +44 7850 511794 > __________________________________________________ Do You Yahoo!? Yahoo! Games - play chess, backgammon, pool and more http://games.yahoo.com/
