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After adding a new beneficiary, a period of 4 hours is needed by the bank before a transfer can be made to the newly added beneficiary. This is known as the beneficiary cooling-off period.
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A cooling-off period is a security measure that banks use to protect the client against unauthorised transactions and potential fraud. In compliance with the UAE Central Bank regulation Notice No. 2829.2024 dated 1 June 2024, the bank is required to “Restrict payments to new beneficiaries after a withholding period of no less than 4 hours”.
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Yes, it is mandatory for all clients.
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- Internal transfers between Standard Chartered accounts
- Other local bank Account/Credit Card beneficiaries
- International beneficiaries (all types)
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No, clients cannot opt out of this feature as it is mandatory.
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We will display the exact time at which you will be able to transfer funds to the beneficiary.
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The cooling-off period is only applicable for first-time transfers
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No, cooling off period of 4 hours is only applicable for newly added beneficiaries and not applicable to any of the existing beneficiaries.