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NIB off! From February all that is important is IBAN

Anyone who has only just got to grips with a NIB and what it means should now take a deep breath. From February, it is “disappearing”, writes Económico website. All that will be important after that is IBAN – the international banking code.

The Bank of Portugal – that same institution that has been complaining about the schizophrenia of European banking rules – has just announced that any companies not up to speed with the change, prompted by Portugal’s ‘migration’ to the EC’s Single Euro Payments Area, or SEPA, may find that they cannot pay salaries, effect payments or pay taxes.

The new rule involves all companies (apart from very small ones, says Económico) using a new form – ISO 20022 XML – and if they don’t, BdP explains simply, they will be up the proverbial river without a paddle (and certainly without a NIB).

natasha.donn@algarveresident.com