When making a domestic payment by credit transfer or direct debit, BIC (Bank Identifier Code) and IBAN (International Bank Account Number) have replaced National Sort Code (NSC) and Account Number as the main payment identifiers for all SEPA payments.
You will need to start becoming familiar with these key pieces of information to ensure people can continue to make payments to you or so you can complete direct debit mandates for paying bills, such as electricity or phone etc.
You can find your BIC & IBAN information on the top right hand corner of your Bank of Ireland account statement today. Your existing domestic payees on 365 online have been converted to BIC and IBAN on your behalf by Bank of Ireland.
The Banking & Payments Federation Ireland (BPFI) website also provides a BIC & IBAN conversion tool which will convert any domestic NSC and Account Number to its equivalent BIC & IBAN. To use this service, please visit: https://apps.applyfinancial.co.uk/validateirish/bpfi/
A BIC (Bank Identifier Code) is the SWIFT Address assigned to a bank in order to send automated payments quickly and accurately to the banks concerned. It uniquely identifies the name and country, (and sometimes the branch) of the bank involved. BICs are often called SWIFT Codes and can be either 8 or 11 characters long.
Bank of Ireland’s BIC is BOFIIE2D
An IBAN (International Bank Account Number) is an international bank account identifier used to uniquely identify the account of a customer at a financial institution. This is the only permissible account identifier for SEPA payments. It is important to remember that IBAN is not a new account number but simply a new format for an existing account number which is recognised internationally.
An example of an Irish IBAN, which contains your existing NSC & Account Number is: IE64BOFI90583812345678
For further detailed information on BIC & IBAN, please visit the BPFI website here.