LISBON: As from today, banking transfer rules will change, with the so-called NIB number being replaced by an International Bank Account Number. This will apply to all bank account holders in Portugal.
The IBAN, which is available from ATMs, over the counter at banks or through online banking, is the same 21 digits as a NIB, but with the addition of a national banking code, which in Portugal is PT50.
The change is the result of an EU ruling seeking to create uniform bank account details, with the Bank of Portugal saying it does not foresee any problems will arise.
