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Bank details on an invoice in Ukraine

25.09.2023
Bank details on an invoice in Ukraine

Entering the world of banking can be a challenge, especially if you’re not familiar with all the details surrounding invoices. But don’t worry! In this article, we’ll take a look at what details you need to include on your invoice and why it matters. Ready to learn more? Let’s get started!

Basic details for an invoice

It is important to provide all the necessary information to avoid any misunderstandings with the client and to simplify the payment process. The basic details include:

  • Date and document number: This allows you to identify your invoice among other documents.
  • Name of the supplier: To identify who provided the service or product.
  • EDRPOU code (TIN): This is important for creating a payment order.
  • Legal and physical address: Helps to determine where the goods or service were provided.

Additional information that may be useful

While a number of details are mandatory, there are many other details that may be useful to your customer:

  • Due date of the invoice: This helps the customer to know when the payment is due.
  • Contact details of the supplier and the recipient: Ensures easy communication between the parties in case of questions or misunderstandings.

What is IBAN and how do I use it?

IBAN (International Bank Account Number) is a standardized way of representing an account number used for international payments. All accounts in Ukraine have the IBAN format, which consists of a country code, a check digit, the bank’s MFO code, and the client’s account number. The use of IBAN simplifies the process of verifying the correctness of the account number, reduces the risk of errors in transfers and ensures the speed of transactions. If you plan to make an international transfer, always make sure you have the correct recipient’s IBAN number.

What is SWIFT and why is it important?

SWIFT (Society for Worldwide Interbank Financial Telecommunication) is an international code system that identifies banks and other financial institutions for international transactions. It allows banks to exchange information easily and securely. If you make international payments, it is very important to know your bank’s SWIFT code. The SWIFT code helps ensure that your funds reach the appropriate bank in another country. Thanks to this code, transactions become more transparent and the chances of errors in transfers are reduced.

More information about the SWIFT code

A SWIFT code is a key piece of information used in international banking transactions. If you want to make a SWIFT payment, you need to provide the bank with several important details.

Here’s what you need to provide to your bank to make a SWIFT payment:

  • Personal data of the recipient: This can be an individual or a legal entity.
  • The recipient’s bank account number: It must be in IBAN format.
  • SWIFT code (or BIC code) of the recipient’s bank: This is a unique code that identifies the bank in international transactions.
  • Purpose of the transfer: Usually a brief description or name of the transaction.
  • Sending amount and currency: Indicate how much money you are sending and in what currency.

About the structure of the SWIFT code:

  • The first 4 characters: This is the unique identifier of the banking institution.
  • Next 2 characters: This is the country code according to the ISO 3166-1 standard.
  • Last 2 characters: This is the location code. If the code consists of 11 characters, then the last 3 characters will indicate a specific bank branch.

With this information, making an international bank payment becomes much easier and more transparent for both parties to the transaction.

In conclusion, creating an invoice correctly and including all relevant details is the key to effective business communication with your customers. Confidence in the correctness of the documents allows you to focus on the main thing – your business. In addition, accuracy and attention to detail when preparing financial documents enhance your professionalism in the eyes of your clients and partners. Thus, you not only eliminate possible misunderstandings or conflicts, but also strengthen your reputation as a reliable partner in the market. We hope you found this article useful. Good luck with your financial transactions and try to always be one step ahead!