Sib (Cyprus) Limited SWIFT/BIC code

What IVEMCY21 means for a payment to Sib (Cyprus) Limited

The short code IVEMCY21 and the 11-character code IVEMCY21XXX identify one and the same institution: Sib (Cyprus) Limited in Nicosia (Lefkosia), Cyprus. The code has a single purpose: it ensures that an international payment ends up at the right bank. You will need it mainly for payments that cross a border or a currency.

On this page we explain what the code means, when it matters and which other details you need for a transfer to or from Sib (Cyprus) Limited. The BIC names a bank or branch, not a single account; the IBAN or account number does that.

Getting paid from abroad into a Sib (Cyprus) Limited account

A sender in another country needs several details about your account – incomplete details often cause delays. In practice that means: your name as registered with Sib (Cyprus) Limited, your account number or IBAN, the BIC IVEMCY21XXX and, often, your postal address.

The sender’s bank may also ask for the bank address of Sib (Cyprus) Limited, in which case the Nicosia (Lefkosia) head office is the usual answer. Double-check the details before you share them – a sender rarely spots a mistake in someone else’s details.

What lands in your account is often less than the amount sent. Correspondent banks can take a fee and your own bank may charge for processing, and when currencies differ, a markup on the rate comes on top. For business payments, you can state how the fees are split.

Paying Sib (Cyprus) Limited in euros within SEPA

Cyprus is a member of the SEPA area, where euro transfers follow common rules. For a regular euro transfer within SEPA, the IBAN is usually enough; many banks no longer ask for the BIC.

You still need IVEMCY21XXX for payments in other currencies or transfers from countries outside SEPA. If a payment form asks for the BIC regardless, entering IVEMCY21 is fine.

Instant euro transfers have become increasingly available across SEPA; check with Sib (Cyprus) Limited whether it applies to your account. Fees for SEPA transfers are generally low, as long as no currency conversion is involved.

Euro (EUR) and conversion costs

Cyprus pays in the Euro. A payment in a foreign currency is converted into EUR on its way to Sib (Cyprus) Limited – and the bank that does it picks the rate. You rarely see a separate charge for the conversion; it is built into the rate.

Where the conversion happens affects the final amount. Often it is cheaper to send EUR straight away through a provider that converts near the mid-market rate, so that the receiving bank does not need to convert again.

Rates for EUR change all the time, and some providers let you lock in a rate. On larger amounts, even seemingly small difference in the rate adds up quickly.

International transfers from Sib (Cyprus) Limited: the real cost

A bank transfer abroad can cost more than the listed fee. You pay the fee for the transfer itself, possibly charges from correspondent banks along the way and, above all, the margin on the exchange rate.

Most of the cost usually sits in the exchange rate, not in the fee: the bank converts using an exchange rate with a margin built in. An easy check: put the bank’s rate against the mid-market rate for the same moment and work out the difference on your amount.

Specialist money transfer services often offer a rate near the mid-market rate. GoldexPay lists transfer providers side by side, showing the amount the recipient gets before you commit. Using a transfer service does not require closing your account at Sib (Cyprus) Limited – you pay the provider from your own account.

How to check IVEMCY21 before you pay

The safest source for the BIC is the bank details provided by the recipient – an invoice, a statement or a screenshot from online banking. If the code you have does not match IVEMCY21 or IVEMCY21XXX, do not guess – contact the recipient or Sib (Cyprus) Limited.

An incorrect BIC can cause delays, a payment being sent back or additional charges. Do not forget the IBAN: a mistake there is more difficult to correct than a wrong BIC.

Most online banking apps check the structure of IBANs and some suggest the matching BIC – that confirms the format, not the owner. Where available, a name check on the recipient adds an extra layer of safety. For a first payment, some people start with a small amount first.

Sib (Cyprus) Limited: head office code versus branch codes

Our directory lists 2 SWIFT/BIC codes for Sib (Cyprus) Limited, spread over 1 cities. Besides the head office code IVEMCY21XXX, there are codes for individual branches and departments.

Unless the recipient tells you otherwise, use IVEMCY21XXX. Only use a branch code when your contact explicitly asks for it, for example on an invoice or in their bank details.

The best way is to copy the code directly from the recipient’s invoice. Codes for branches are more likely to change than the head office code.

A note on our data

This directory is based on publicly available sources. Even so, banks merge, rename themselves or change codes, so information can be out of date. Figures such as the number of codes are from our own dataset and may differ from what Sib (Cyprus) Limited publishes.

Use our data as a starting point, not as the last word – the bank details from the recipient are leading. GoldexPay is independent of Sib (Cyprus) Limited; we are a comparison site for money transfers. Should you notice a mistake, we appreciate a message via the contact page.

IVEMCY21 or IVEMCY21XXX – which one to use?

Each SWIFT/BIC code has the same eight core characters: a four-letter bank code, a two-letter country code and a two-character location code. The result is IVEMCY21.

XXX at the end of IVEMCY21XXX does not stand for a missing value or a mistake: it indicates the main office of Sib (Cyprus) Limited. Some forms ask for 11 characters, and then you simply add XXX after IVEMCY21.

Enter the code in one piece, in upper case and without separators. Look out for O versus 0 or I versus 1, a common source of typos.

Transfer times and tracking a payment to Sib (Cyprus) Limited

An international transfer typically takes one to a few business days, depending on the currency, the route and the banks involved. Transfers sent late in the day or just before a weekend or public holiday usually go out the next business day. Sometimes a bank asks what the payment is for before releasing it.

When a payment takes longer than expected, contact the sending bank for the tracking status; with that reference banks can see where the payment is. Save your transfer receipt until the money has arrived; it contains the details a bank needs to start a trace.

Only the sending bank can request a trace. Ask the sender for a copy of the payment confirmation with the date and reference – it helps your own bank look for the money.

Protect yourself against fake payment requests

A common scam goes like this: an email arrives with a request claiming that a contact now has a new bank account and that the next payment should go there. A valid SWIFT code tells you nothing about whether the request is genuine – scammers simply use real codes.

Before paying, confirm a change of bank details by phone, using a number you already had. Urgency and requests to keep it quiet tend to be red flags; a genuine business can wait for you to check. When money was sent to a fraudster, contact your bank immediately – speed improves the chance of getting it back.

Fraud also target the receiver. Someone sends more than agreed and wants you to refund the difference. A screenshot of a transfer proves nothing – check your own account.