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An IBAN is a format of International Bank Account Number that is mandatory in the European Union member states. This format facilitates settlements between partners in different countries, with different banking authentication and account numbering systems. Therefore, be sure to include your account number with the IBAN in the beneficiary's account field for payments in euros to European Economic Area country banking clients. If you do not specify the IBAN, your payment will not be provided as a transfer in euros, your recipient's bank charges will increase and everything will take longer, because the payment will be carried out as a transfer in another currency.
See countries where an IBAN is mandatory or strongly recommended
As part of the customer-initiated payment order, we transfer the information in the payment order to the recipient’s financial institution. For the payment order to be executed properly, we have set and indicated which information is mandatory. When you fill in the payment order at the DNB online bank, all mandatory fields will be marked with an asterisk. However, regardless of the mandatory information, payment orders will be executed and credited to the beneficiary's account based on “unique details” and without verifying the compliance with other information (such as the recipient's name or company name).
Make sure that the payer's and beneficiary’s accounts are in IBAN format when transferring funds.
According to the laws of the EU and the Republic of Lithuania, transfers in euros to other service providers registered in Lithuania other European Union (EU) countries, Switzerland and the countries of the European Economic Area (EEA) – Norway, Iceland and Liechtenstein are only available with the SHA type of fee. Charges for this type of payment can only be applied by the payment service providers of the payer and of the payee.