In SEPA payment zone all transactions are required to be calculated using EUR currency. All stages of transfers using SEPA are calculated in Euro but it does require from sender and beneficiary to have an EUR account.

SEPA programme was initiated by 3 major European Organisations. Primary vision and initiative was issued by European Cometee. After that Central European Bank published requirements for SEPA programme and implementation schedule to ensure efficient and organised foreign transaction zone in Euro area. European Payment's Board creation of which was initiative of European bank's group) is responsible for creation of new payment tools for SEPA programme.

You can check if IBAN number you posses has proper structure. You only have to enter the account number on Krajowa Izba Rozliczeniowa page: https://www.banki.kir.pl/uzyteczne-narzedzia-i-statystyki/sprawdz-ibannrb/

BIC (Bank Identifier Code) is a code that identifies particular banks. It should consist of 8 or 11 chars and is used to properly identify specific bank in foreign transfer system.

Every bank who is joining SEPA transactions and uses EuroElixir system is obliged to have its own BIC code.

BIC code (called sometimes also SWIFT) and IBAN number are required to perform foreign transaction in SEPA system.

IBAN is an abbreviation from International Bank Account Number.

IBAN was created by European Bank's Standards Committee to support payment's maintenance in European Union area.

Polish IBAN consists of 28 chars and digits - it is compilation of full account number (in Polish NRB) and country code (for Poland it is PL), for example: PL 12 1234 5678 1234 5678 9012 3456.

Full IBAN consist of 4 parts: country code, control digits, bank's account number, customer's account specific number.

Providing proper IBAN number and BIC code is necessary if you would like to send foreign transfer as SEPA transfer.

If the bank account number (unique identifier) provided when sending a transfer, is incorrect, the Bank shall not be liable (for executing a payment transaction with use of an incorrect unique identifier) under art. 144–146 of the Act of 19 August 2011 on Payment Services, however it is required to take steps to recover the amount of such transaction. For this purpose the Bank, not later than within 3 business days from the day of reporting such transaction, when:

1) it keeps the transfer recipient’s account - shall notify the transfer recipient in writing of:

a) the reporting of information about an incorrectly executed transaction and the possibility of returning the amount of this transaction without charging fees,
b) the obligation to make available to the transfer sender the recipient’s personal information for the purpose of enabling the claiming of return of the amount of this transaction, if the recipient fails to return within one month,
c) the last day of the deadline of one month to make the return,
d) number of account to make the return.

If the recipient returned the transaction amount the Bank no later than within 1 business day shall return the amount to the sender’s account.

2) does not keep the transaction recipient’s account - it shall ask the transfer recipient’s provider to take actions to recover the transaction amount, at the same time providing the essential information in its possession about the transaction.

If the recipient returned the transaction amount the recipient’s provider shall send the returned funds to the Bank, and the Bank no later than within 1 business day shall return this amount to the transfer sender’s account.

If the recipient refuses to make the return, the Bank shall inform the sender about it and the sender may apply in written form for providing information about the data of the recipient who did not return the transfer. Also, if within a month from the day of making the report the transaction amount was not returned, the recipient’s data shall be disclosed no later than within 3 business days from the day of receipt of the sender’s written demand for their disclosure.

In the above situations the Bank:

1) if it keeps the recipients account, shall disclose:

a) the recipient’s name and surname or business name
b) place of residence and address or seat and address of the recipient

2) if it does not keep the recipient’s payment account – it shall ask the recipient’s provider to disclose the recipient’s above data for the purpose of enabling the claiming of the amount of the transaction. The recipient’s provider shall disclose the recipient’s data, not later than within 3 business days from the day of receiving the demand. The Bank shall send the data received not later than within 3 business days from the day of receiving them.

If the recipient’s account is kept in the Bank then no fee shall be charged for taking actions to recover the transaction amount. If the mistaken transaction was executed to an account other than in the Bank the fee shall be 30 PLN, to which costs of other banks in actual amounts incurred by the Bank shall be added. The fee shall not be collected, when explanation does not require establishment of a contact (e.g. correspondence) with another bank. If in result of intervention the return is not made by the recipient/his provider, and the sender requests disclosure of the data of the recipient, who refused to make the return, an additional fee for data disclosure alone shall not be charged.

Due to the new regulations introduced in Canada from 1 June 2021, payments made to recipients in that country must contain all of the following beneficiary details:

1. account number
2. recipient's name
3. full address