Important changes to your Euro IBAN

July 25, 2022
8 min reading time
Team Paymium

You will have received an email from us recently about a change to your account details.

As you know, we work with a banking partner for the custody of euros in the European Union, Railsr (Railsbank). They are now updating their services, which will allow us to offer you additional features in the near future.

Our intention is to minimize interruption to your experience, and that you can continue to use your Paymium account as normal. We know that you may have some questions so we’ve tried to answer the most common questions in this post. For anything not covered here, please contact our support team.

What is an IBAN? What is a BIC? And why is it changing?

IBAN stands for International Bank Account Number. It’s an internationally-agreed code made up of up to 34 letters and numbers that helps banks to process transfers around the world.

A BIC number - sometimes also called a SWIFT code - is a standard format for Business Identifier Codes (BIC). It’s used to identify banks and financial institutions globally. It says who and where they are — a sort of international bank code or ID. These codes are used when transferring money between banks.

We are changing your IBAN & BIC because our banking partner is providing an upgrade to their Euro accounts. In the future this means more functionalities will be available to you as a customer.

What will happen to my IBAN?

Until now the IBAN you have used to make and receive euro payments has started with ‘EE’. As part of this change, we will issue you with a new IBAN and BIC, starting with ‘LT’ to replace your previous one. Any future payments you make will need to use that IBAN.

What will happen to my BIC?

Your BIC will be changing to UAPALT22.

What do I need to do after I’m moved?

If you have recurring payments in euros from your bank to your Paymium account, you will need to make sure to update your recurring payment with your new Paymium IBAN. It is therefore essential that you take this step to ensure that future payments can be successfully processed.

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

You’ll still be able to receive payments to your old EE IBAN until September 15, 2022. To help make this transition smoother we have implemented a redirection service which will ensure that any payment received to your old EE account will be delivered to your new IBAN starting with LT for a period of time.

Where can I find my new IBAN details?

To locate your new IBAN:

  • Log into your Paymium account.
  • Select "Operations", then "Deposit", and "Euro".

This will show you the IBAN that can be used to pay money into this account.

Once you have been moved, your new IBAN starting with LT will be displayed. Please note, after you’ve been moved your old IBAN starting with EE will no longer be displayed.

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

Unfortunately we can only tell you your new account number 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 account number on the date of the change.

I have been asked to re-submit my passport/national ID/address. Why do I need to do this?

Due to some differences between local regulations, we need to ask some users to reverify their ID or for additional information. If you do not do this, we may not be able to provide you with our services. This means we may need to restrict functionality of your account until you do provide new documents. Please contact our customer support team if you have any questions about this.

Where is my money being safeguarded?

Your money will continue to be held in safeguarded accounts with leading banks in line with European Electronic Money Regulations. It is fully secure and subject to the same protections as it was before your account was changed.

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