In compliance with Central Bank of UAE (CBUAE) mandate all banks has completed the process of implementing IBAN (International Bank Account Number). IBAN is an International standard for identifying bank accounts (excluding credit cards) across national borders to minimize risk of propagating transcription errors. The length of IBAN in UAE is 23 digits. The composition of IBAN in UAE will be as follows:
A
|
E
|
0
|
0
|
0
|
2
|
6
|
0
|
0
|
0
|
1
|
2
|
3
|
4
|
5
|
6
|
7
|
8
|
9
|
0
|
1
|
2
|
3
|
2 digit Country Code
2 digit Check Digits 3 digit Bank Code 16 digit Account Number |
For all accounts in UAE it is 'AE'
Derived by applying an algorithm on all other values For Emirates NBD it is '026' The account number for which IBAN is created. To be embedded with zeroes in the beginning if this account number is less than 16 digits |
IBAN account number is a must for all outward and inward remittances from and to the UAE and salary payments through WPS (Wage Protection System) of Ministry of Labour. 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 CBUAE mandate comes into effect from 19th November 2011, whereby all banks in UAE are required to accept and process payment instructions using IBAN instead of Account number. Consequently, you will be required to provide an IBAN for all instructions for value date on or after 19th November 2011 when making payment from or receiving payments to your account. Please ensure that the IBAN for your account is communicated to all parties from whom you are expecting a remittance into your account.
If you have standing orders for effecting payments from your account to beneficiary accounts held in banks within the UAE then you will need to amend the same by providing IBAN equivalent for the beneficiary account.
If you haven’t got your IBAN number contact your bank immediately to avoid any delays in inward and outward remittances.
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