Hi there!

On 16 August 2022, the IBAN (International Bank Account Number) and BIC (Business Identifier Code) associated with your EUR account will change.

What does this mean for you?

  1. Your current IBAN will not be changed until 15 August 2022.

  2. Your new IBAN will be visible on the Funds screen and activated on 16 August 2022 and after this date, your old IBAN will no longer be shown.

  3. After 16 August 2022, you should not make payments to the old IBAN and instead, only use the new IBAN. This means you will need to inform any third parties you receive payments from.

  4. As a transition period, between 16 August and 15 September 2022, any funds sent to your old IBAN will automatically be redirected to your new one.

  5. On 15 September 2022, the old IBAN will be deactivated. From this date onwards payments to this IBAN will fail and be returned to the sender.


Important Dates

  • 16 August 2022: You will have a new IBAN, visible on the Payhawk funds screen. Your old IBAN will not be visible.

  • 15 September 2022: Old IBANs will be deactivated.


Please note that dates are subject to change and in case of change, you will be informed via email immediately.

Why do we do this change?

This change is initiated by our issuer partner for technical optimizations and is necessary so that we can more quickly deliver new features to you in the future.

What will happen to my existing IBAN?

  • For customers based in the UK: their newly generated IBANs will start with “GB.”

  • For customers based in Europe: their newly generated IBANs will start with “LT.”

From 16 August, your existing IBAN will not be visible on Payhawk.

On 15 September your existing IBAN will be deactivated.

In between these dates any payments made to your old IBAN will automatically be redirected to your new IBAN.

From 15 September, payments to your currently existing IBAN will fail and be returned to the sender, so please make sure that anyone who transfers money to your account has been informed.

Please note that dates are subject to change and in case of change, you will be informed via email immediately.

What will happen to my BIC?

Your BIC will be changing to:

  • UAPALT22 if you are an EEA customer with an EUR account

  • PAYRGB21 if you are a UK customer with an EUR account

This means that any payments directed to the new IBAN and requiring a BIC will need to have the respective code.

What will happen with the funds that are currently on my account?

Your funds will be automatically transferred to the new IBAN on the date of IBAN change.

What will happen to my cards?

Nothing will change with regards to your cards. Your card number will stay the same and they will work as normal with your new IBAN.

Will anything change for my Payhawk end users?

They can use Payhawk as usual. If they receive reimbursements, these will come from the new IBAN.

Will there be any changes in the fees associated withbank transfers and deposits?

No.

Can you tell me what my new IBAN will be in advance?

Unfortunately, we can only tell you your new IBAN once we have issued this to you. The generation of these numbers is partially random and fully automated. This means we can only issue this on the date of the change. It will be visible in the Payhawk Funds screen.

What do I need to do now?

If you have payments coming into your account, you’ll need to make sure you inform the counterparty that your IBAN has changed.

Unfortunately, we cannot inform counterparties on your behalf. It is therefore essential that you take this step to ensure that future payments can be successfully processed.

Where can I find my new IBAN details?

To locate your new IBAN:

  • Log into your Payhawk account

  • Go to ‘Funds’

  • Click on your Euro account

  • Go to ‘Show full details’ - This will show you the IBAN that can be used to pay money into this account. After the IBAN change, your new IBAN starting with LT or GB will be displayed.

Please note, from 16 August your old IBAN should no longer be used.

Someone made a payment to my EE IBAN after my account number changed to a GB or LT one, what will happen?

  • Until the 15th of September 2022, any funds sent to your old IBAN will be automatically redirected to your new one.

  • After the 15th of September 2022, any funds sent to your old IBAN will fail and the funds will be returned to the sender.

Please note that dates are subject to change and in case of change, you will be informed via email immediately.

Where are my funds being safeguarded?

Your funds will continue to be held in safeguarded accounts with leading banks in line with European Electronic Money Regulations. They will be segregated from the payment services provider’s (‘PSP’) own funds and will be subject to the same protections as they were before your account was changed. Our PSP is subject to regular audits by the competent supervisory authorities in the UK and Lithuania and also by their external auditors. Since we have been partnering with them we have not been made aware of any regulatory shortcomings on their part, while our customers have been consistently satisfied with the quality of their payment operations.

Will my GBP, USD, BGN or RON account details change?

No. All your other accounts will remain the same.

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