Here at MIDAS, we accept a wide variety of payment methods. This includes payment by credit/debit card, PayPal account, and via Electronic Bank/Wire Transfer.
From October 21st 2017 our BIC (Bank Identifier Code) and IBAN (International Bank Account Number) are changing. These are required for electronic bank/wire transfer payments made to us from outside the UK.
Why are BIC and IBAN changing?
After the recent global economic crisis, the UK Government put new rules in place to protect the economy and taxpayers in case something similar happens again.
The new rules state that banks have to keep their high street arms separate from their wholesale and investment banking divisions. This has been termed “ring-fencing”.
These new UK banking rules require all large UK banks to change their structure in the UK. Consequently, our bank is restructuring its operations to ensure it meets these new rules.
When do these changes come into effect?
The BIC and IBAN changes come into effect on 21st October 2017. We’ll be writing to all potentially affected customers in advance of this date.
Does this impact on electronic payments originating from outside the UK?
Yes – if you reside outside of the UK and make electronic payments to us, these are international payments which require BIC/SWIFT/IBAN numbers.
These numbers are changing. Any electronic payments made from 21st October 2017 will need to use the new numbers.
The new numbers will be present on all subsequent quotations, invoices, and on our website from 21st October 2017.
Until then, please continue to use our existing BIC/SWIFT/IBAN numbers.
Does this impact on electronic payments made from UK bank accounts?
No – our Sort Code and Account Number for making electronic payments from other UK bank accounts will not be changing.
The changes only affect electronic payments originating from outside the UK that require BIC/SWIFT/IBAN numbers to make an international payment.
Is anything else changing?
To coincide with these changes, we’ll also be taking the opportunity to update the postal address of our bank.
Our current bank branch recently closed, and accounts were transferred to a neighboring branch of the same bank.
No account numbers/codes or transactions were affected by this branch transition, and the old branch address continue to be accepted. However given the upcoming BIC/IBAN changes, from 21st October we’ll also be listing the new branch address of our bank.
For the avoidance of any doubt, our Bank, Sort Code and Account Numbers remain the same going forward. However, from 21st October 2017, new BIC/SWIFT/IBAN numbers and a different branch postal address will apply.
What if I mistakenly make an international electronic payment after 21st October using the previous BIC/SWIFT/IBAN numbers?
Our bank inform us that they’ll do all they can to ensure that payments made after 21st October using old BIC/SWIFT/IBAN numbers will still reach us. However, this is not guaranteed.
We would therefore encourage our international customers that any electronic payments made to us from 21st October onward should only use the new BIC/SWIFT/IBAN numbers.
What if I have further questions?
Please contact our sales team who will be happy to advise.
