BoV introduces online IBAN calculator

Bank of Valletta has introduced an IBAN validator and IBAN converter at its portal www.bov.com.

This facility enables customers to validate any international bank account number (IBAN) keyed onto the website; the IBAN converter will provide the IBAN from any valid BoV account number.

The use of IBAN speeds up payments across country borders and is often associated with reduced tariffs.

"In addition to speed of service, customers effecting electronic payments instead of using the branch network, stand to benefit from substantially reduced tariffs," John Cassar Torreggiani, BoV's executive head of payments, explained.

"For example, the standard price for an outward payment processed at the branch to a SEPA country is €30, while the same payment can be executed through BoV internet banking at €1 if payment amount is under €1,000 or at €4 if payment amount is over €1,000".