In an attempt to provide you with the best service quality standards in the scope of SEPA Credit Transfers, mBank S.A. has added a new feature to its electronic banking systems making it possible to determine the BIC code of a beneficiary’s bank based on the beneficiary’s IBAN - the so-called “IBAN Only” principle.
As a result, you can now check whether the BIC code of a beneficiary’s bank is correct while ordering a SEPA Credit Transfer in mBank’s electronic banking systems.
Please be advised that BIC codes of beneficiaries’ banks containing information on the branch (BIC code characters from 9 to 11) are correct both when they contain these numbers and when they end with “XXX” (the BIC code of a bank’s head office).
We hope that the new feature will remarkably improve your experience with making transactions in mBank, at the same time providing you with a higher degree of security.
Moreover, we would like to inform you that starting from 31 October 2016, pursuant to Regulation (EU) No. 260/2012 of the European Parliament and of the Council of 14 March 2012, it will be no longer necessary to provide the BIC code of a beneficiary’s bank while ordering payments. Following this date it will be the bank that will always determine the BIC code of a beneficiary’s bank based on a beneficiary’s IBAN provided by the client.
Kind regards, Transactional Banking Department