Saturday, November 19, 2011

IBAN for UAE Banks

The UAE Central Bank has launched a new account identifier called the International Bank Account Number (IBAN) The intention is to reduce errors in local and international money transfers.
IBAN is a unique 23-digit number. The specialty is that its internationally recognized account number assigned to each bank account on international level.
 It's an extended version of the conventional bank account and is primarily used in payment transactions in over 50 countries in the world, including all European Union states and Arab countries like Kuwait, Saudi Arabia and Tunisia.
The IBAN is functional in UAE and its emirates including Dubai, Abu Dhabi, Sharjah, Ajman, Umm Al Quwain, Ras Al Khaima, Fujairah from 19th November 2011. But the fact is its not yet mandatory till 3 months from 19th November 2011. 
Most of the Banks including HSBC, Emirates NBD etc has already notified its customers with the new updated IBAN account number. Some banks like HSBC has given online users option to generate IBAN via their website.
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