International Bank Account Number (IBAN)
The International Bank Account Number (IBAN), implemented by CBUAE on Nov 29,2011 is a 23-digit alphanumeric sequence which has become the official standard for money transfers (including salaries, international remittances and e-payments) in the UAE introduced to regulate the identification of bank accounts.
Important Information related to IBAN:
- In compliance with UAE Central Bank regulation, all UAE banks have implemented IBAN for all bank accounts including salaries and excluding credit & salary cards.
- Your existing account number will continue to be valid. IBAN is not a new account number as it will contain your present account number plus some additional characters. Your present 10 digit MEC account number will be prefixed with the additional characters to form an 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.
- MEC 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, 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 +971 4 517 8440, +18005102353, +966 12 512 2888.
Frequently Asked Questions
- What is IBAN? Is IBAN being implemented by all Banks in the UAE?
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IBAN (International Bank Account Number) is an international standard for identifying bank accounts across national borders, which is introduced to standardize the identification of bank accounts. If you hold an account with any Bank in UAE, an IBAN corresponding to that account will be created by the Bank concerned. No other party is permitted to generate an IBAN for bank customers.
With effect from 19/11/2011, IBAN is being implemented by all Banks in UAE as per
Central Bank of UAE guidelines for all accounts, except Credit Cards. - What is the need for IBAN?
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As per Central Bank of UAE, with effect from 19/11/2011, IBAN equivalent of your present account number is needed for processing of both Inward & Outward payments and salary transfers.
- How can I get my IBAN for my MEC accounts?
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MEC had sent IBAN to all its customers' in respect of all his/her account numbers that are required to be propagated in UAEFTS/UAEWPS for payments, with the exception of CREDIT/Rateb CARD accounts.
Moreover, the statement of account sent by MEC will, also reflect IBAN along with your present account number. - Can I get the IBAN for my MEC accounts, if I have not received the letter from MEC ?
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Yes. Customers' who do not receive the IBAN, may either generate IBAN for their MEC accounts from the IBAN utility available on our website www.nbq.ae or contact any of our Branch or may call on our Call Center no. +971 4 517 8440, +18005102353, +966 12 512 2888 to get their IBAN.
- Can I get the IBAN for my account with another Bank from MEC ?
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No. You are requested to approach the respective bank for assistance as MEC is unable to provide IBAN for accounts held with other banks.
- Does the existing account number become invalid with the introduction of IBAN? What would be the length of my IBAN and how it would be?
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Your existing account number will continue to be valid. IBAN is not a new account number as it will contain your present account number plus some additional characters. Your present 10 digit MEC account number will be prefixed with the additional characters to form an IBAN.
The length of your IBAN is 23 digits. If your existing MEC account number is
1234567890, the IBAN would be like AEXX0420000001234567890. ('XX' are unique checksum digit and will be different for each account). - Will MEC provide IBAN in my Statement of Account?
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Yes. Your statement of account will have your IBAN along with your present account number.
- Is it mandatory to provide IBAN of beneficiary in case of funds transfer from 19/11/2011 onwards?
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Yes. with effect from 18/02/2012, all domestic transfers like remittances/salary requests MUST be submitted with IBAN of the beneficiary(s) otherwise transfers received without IBAN will be returned by the Beneficiary Bank with additional rejection charges as per Central Bank guidelines.
- Will MEC process the remittance/salary received in my account with my present account number? What happens if IBAN is not mentioned in the transfer request ?
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If beneficiary account is not mentioned as IBAN, Banks will not process and will reject such transfers if they do not contain a valid IBAN w.e.f. 18/02/2012. Furthermore, there may be additional rejection charges applied to the transfer. This is only applicable for payments made to beneficiaries in the UAE.
- Do I require to provide IBAN for transfers outside UAE?
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Yes. IBAN is required to be provided if you are transferring funds to a country where IBAN is implemented.
- Do I need to provide the beneficiary IBAN for all my standing instructions with MEC ?
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Yes. You should obtain the IBAN for your beneficiary and submit a fresh Standing Instruction request with the IBAN of your beneficiary w.e.f 18/02/2012.
- Do I require to provide IBAN on salary transfer requests for my employees and since when it is mandatory?
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Yes. W.E.F 18/02/2012, all salary transfer requests should have the beneficiary customers'/employees IBAN.
- Do I need to give IBAN for transfers within MEC ?
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No. IBAN in UAE is for domestic inter-bank electronic payments only.
- Do I need to give IBAN for Cash & Cheque deposits?
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No. IBAN is not required for Cash and Cheque deposit.
IBAN
Please enter your 10 digit MEC Account Number to generate your IBAN number. Please carefully input the account number as an invalid account number will generate an incorrect IBAN.
IBAN
AE07 0331 2345 6789 0123 456
Disclaimer
Disclaimer : A correct and valid MEC account number must be entered to ensure a correct and valid IBAN is generated. Please ensure you type the MEC account number carefully.NBQ will not be held liable for any damage or loss of any nature resulting directly or indirectly from entering an incorrect or an invalid account number.