- IBAN was implemented on 19 November 2011 with a grace period ending on 12 April 2012. Therefore, from 14 April 2012, all domestic payment instructions are required to contain an IBAN in the beneficiary account number. Any payment instructions including salary payments submitted without IBAN, with the exception of credit card payments, are subject to rejection by the new Fund Transfers System implemented by the Central Bank of UAE (FTS). For more information on FTS and its new requirement, please click here.
- Please note that for Inward Remittances, to credit your account, the account number and currency validation will be solely based on the IBAN.
If you receive funds in USD currency, where the IBAN is quoted for your AED account, then the funds will be converted at the prevailing exchange rate and credited to your AED account only as mentioned on the IBAN. The above process is applicable even if you hold an account with us in USD currency.
In compliance with Central Bank Circular 4305/2011, we are pleased to inform you that Standard Chartered Bank has successfully applied the International Bank Account Number (IBAN) to all your Standard Chartered Bank accounts, which will be used for all inward and outward remittances from and to the UAE and salary payments through WPS.
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 takes effect on 19 November 2011, whereby all banks in UAE 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 19 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 to your account.
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 Standard Chartered Bank, then you will need to amend the same, by providing the IBAN equivalent for the beneficiary account.
Please note, all Standard Chartered Bank payment / instructions submission channels have been enhanced to accept IBAN in beneficary account field.
Should you require more information on IBAN, you may:
- Contact our 24-hour Phone Banking team on 600 5222 88 from within the UAE or on +971 600 5222 88 from outside the UAE.
- Visit your nearest Standard Chartered Bank branch
Thank you for banking with Standard Chartered.