ACCURACY is what my IBAN means to me.
IBAN is the mandatory bank account number for payrolls/ salaries. Remittances and e-payment effective November 19, 2011.
The International Bank Account Number (IBAN) is a 23-digit alphanumeric sequence has become the official standard for money transfers (including salaries, international remittances and e-payments) in the UAE. Your IBAN will be automatically generated and communicated to you by us*.
(IBAN) The International Bank Account Number has been introduced to regulate the identification of bank accounts.
Important Information related to IBAN:
- In compliance with UAE Central Bank regulation, all UAE banks will implement IBAN starting 19 November 2011 for all bank accounts including salaries and excluding credit cards.
- The IBAN is not a new account number. Existing account numbers will not be replaced; only additional characters will be added in front of existing bank account numbers. The original bank account number, plus the additional characters, will be known as the IBAN.
- Implementing the IBAN system will help improve the quality of information exchanged between banks both within in UAE and internationally. Its reliability and accuracy will reduce error and delays.
- NBQ is unable to provide IBAN for accounts held with another bank and you may approach the respective bank for assistance.
- In case the IBAN is not used from 19 November 2011, 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.
- You should request your customers/ other parties to make payments to your IBAN account number.
- Please provide your IBAN to your creditors/employer, to ensure timely receipt of funds into your account.
- If you do not receive your IBAN please visit your nearest branch or contact us on 600 56 56 56.
* If you have multiple bank accounts, you will receive multiple IBAN notifications.