International Bank Account Number (IBAN) is an international standard for identifying bank accounts (excluding credit cards). The main purpose of IBAN is to facilitate the automatic processing of money transfers, to improve the speed and accuracy of your payment transactions.
The Central Bank regulation is effective from 19th November 2011, whereby all banks in UAE are required to accept and process payment instructions with IBAN. You can use both IBAN and your account number for all payment purposes till 18 Feb 2012.
Please note, all Barclays bank payment / instructions submission channels will be enhanced to accept IBAN by 30 November 2011.
Please ensure that the IBAN for your account is communicated to all parties from whom you are expecting a remittance to your account.
Post 18 Feb 2012 in case the IBAN is not used, the processing of both Inward and Outward payment in your account IS LIKELY TO BE REJECTED OR MAY be delayed with additional processing charges as may be prescribed by Central Bank from time to time.
If you have standing orders for effecting payments from your account to beneficiary accounts held in banks within the UAE other than Barclays bank then you will need to amend the same, by providing the IBAN equivalent for the beneficiary account.
What is an IBAN ?
IBAN stands for International Banking Account Number. An IBAN is unique number that is generated for each and every account held with banks. The IBAN for UAE bank accounts will be 23 digits in length and contains the following information Country code, security digits,bank code followed by your account number.
Why is an IBAN required ?
The main purpose of IBAN is to facilitate the automatic processing of money transfers to any UAE bank account to improve the speed and accuracy of your payment transactions.
What are the type of financial transactions which will require an IBAN ?
Funds transfer into your Barclays UAE account.Funds transfer from your Barclays UAE account to any bank account within UAE.
Is an IBAN mandatory, if so from when ?
Yes as per UAE central bank, an IBAN is mandatory for all transfers into UAE bank accounts, However there is a grace period of 3 months from the launch date of 19 Nov 2011. Post the grace period every transfer into UAE bank accounts would require an IBAN.
How will I get to know the IBAN for my account ?
You will be receiving a communication about your IBAN from us. The communication will be dispatched by early Nov 2011. Apart from this, your account statement will be showing your IBAN by end Nov 2011 and your IBAN will be displayed part of your account detail in your internet banking by end of November 2011. In the interim you are welcome to call our call center to find out your IBAN.
Is an IBAN required for transferring funds into my account ?
Yes, you will be required to provide your IBAN to the remitting bank while transferring funds into your account.
Is my IBAN required for transferring funds out of my account?
Yes, you would have to give an IBAN number for the beneficiary (inside UAE) to whom the payment needs to be made. For transfer outside UAE, continue to follow the current process.
Will I be charged for giving my IBAN ?
No ,there are no charges for giving an IBAN number
Can I change my IBAN ?
No, the IBAN number is unique to your account with us and cannot be changed.
I am told an IBAN is an account number but I find alphabets in it, why?
Yes, an IBAN includes are alpha numeric number as it contains the country code where the account is held, which for the UAE is shown as AE.
Will I be charged if I continue to use account number instead of my IBAN ?
Yes, the charges would be applicable as advised by UAE central bank .
I have given few standing instructions which carry my account number, what should I do?
Kindly ensure you amend the instructions by providing your IBAN number instead of your account number.
Will I get an IBAN number for my loan, mortgage, investment account and credit card?
No, an IBAN is given for each of your current and savings accounts only.
My IBAN is long, I may forget it. How will I remember it?
You can get the details of your IBAN by logging into our internet banking platform using your log in credentials or by calling our call center.
Do I have to provide my IBAN number to my employer?
Yes, you would have to update the employer with your IBAN number so all payments are made using your IBAN number.
Should I write the IBAN in the cheque instead of account number ?
No, you do not have to mention you IBAN number in the Cheques. Simply continue to deposit the same using your account number.