IBAN stands for International Bank Account Number.
For Saudi Arabia, it is a new 24 digit account structure that includes the existing account number with some other additional information, such as the country code, the bank code for the bank account holder and check digits.
The main purpose of an IBAN is to facilitate the automatic processing of money transfers and to improve the speed and accuracy of your payment transactions. IBAN will be used for all inward / outward remittances to and from SAMA and for salary payments through the SARIE system.
No, it is simply an additional standardized international identifier for your account.
SAMA has mandated IBAN with effect since 1ST September 2009, whereby all banks in Saudi Arabia were/are required to accept and process payment instructions with IBAN. Consequently, you will be required to provide an IBAN for all instructions for value date on or after 1ST of September 2009 when making payment from or receiving payments to your account.
Yes, except for beneficiaries in non-IBAN countries.
Your remitter must provide YOUR IBAN to the remitting bank. To enable this, kindly ensure your IBAN is known to your remitter.
When printing IBAN or writing it on paper, it should be written from left to right in groups of four (4) digits. Groups are separated by a single space as shown in the following example:
SA82 9500 0000 9220 0000 0001
When writing IBAN electronically, it should be written from left to right without spaces as shown in the following example:
If you have standing orders for effecting payments from your account to beneficiary accounts held in banks within Saudi Arabia, then you will need to amend the same, by providing the IBAN equivalent for the beneficiary account. If you are receiving funds through Standing Instruction from any of the banks in Saudi Arabia, please advise your IBAN to the remitter.
You can check your IBAN in Internet Banking, IBAN Calculator, Call center, or your account statement.
IBAN is not required for credit card payment.
Yes, IBAN is required for Salary Pre-paid cards.
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.
Yes for a temporary period (a short grace period of approx 3 months has been allowed by Central bank). Employees must update their employers with their IBAN for updating the salary records.
NO, IBAN is NOT required for over the counter transactions.
Without IBAN no inward remittance will be allowed going forward. SWIFT will initiate a broadcast to this effect advising all financial institutions that UAE has implemented IBAN. For outward remittance the current practice follows, i.e. whichever country has implemented IBAN for remittance will require an IBAN mandatorily.