Bank Transfers – change from NIB to IBAN

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Bank Transfers – change from NIB to IBAN From the beginning of February European banking regulations have changed to include a national code in your Bank account details. This code was already applied to transfers between accounts of different countries. It is known as your IBAN (International Bank Account Number). To transfer money you now need to use the IBAN rather than your NIB (Numero de Identificacao Bancaria). Banks no longer have the responsibility to add the national code to transactions where applicable. The IBAN is the same 21 digit number as your NIB but now preceded by the code PT50. Both numbers can be found in an ATM, in your online banking system, or you can ask for it at your local branch. Bank statements or Passbooks also include the number. It is possible that some bank systems may pre-fill the national code PT50 when you choose the option of making a national transfer but it will now always be the IBAN code that is required to replace the use of the NIB. Source DECO: Defesa do Consumidor


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