International Bank Account Number
"As per instructions received from the UAE Central Bank, it is now a regulatory requirement that all inward payments received for local UAE based beneficiaries without an IBAN must be rejected forthwith and returned to the remitting bank (after deducting charges) irrespective of amount (size of transfer) or size of the customer effective 15th June, 2012. We are therefore urging all our customers to keep their remitters informed of this development, as it would impact all inward transfers (both domestic and International) received without an IBAN, and Mashreq will have no choice but to return the funds to the remitting bank thereby delaying receipt of credits by our valued customers."
ABOUT IBAN In compliance with Central Bank of UAE regulations, we are pleased to inform you that Mashreq has successfully applied the International Bank Account Number (IBAN) for all your 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 is effective from 19th 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 19th 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 Mashreq, then you will need to amend the same, by providing the IBAN equivalent for the beneficiary account. Please note, all Mashreq payment / instructions submission channels will be enhanced to accept IBAN from 19th November 2011. We thank you for banking with Mashreq.
According to the ISO compliant IBAN Standard issued by the Central Bank of UAE, all IBANs have a fixed length of 23 characters.
IBAN has 3 components i.e. the Country Code, the Check Digit & the Basic Bank Account Number The country code (first and the second characters of an IBAN) helps to identify and country where the account is resident. It contains the ISO two letter country code ‘AE’ (the ISO country code for the UAE)
The Check Digit (third and the fourth characters of an IBAN) helps to verify the IBAN internationally is always generated by a bank in UAE and helps in verifying if the account number is correct or otherwise
The BBAN helps to identify an account number of a customer, as well as his bank, domestically. It comprises the Bank identifier (which identi?es the account holding bank) and the customer account number. In the case of UAE, the Bank Identifier is the 3 digits following the Check Digits.
The remaining part of the BBAN is the existing customer account number. The length of the customer account number in the IBAN is fixed as 16 characters. It can ONLY contain numbers (0 to 9).
An IBAN can always be distinguished from a normal customer account number by the following:
Two letters at the beginning of the IBAN, which refer to the country code where the account resides;
When you write or print an IBAN on a document, it has to be split into 6 groups of four characters each, e.g.: AE07 0331 2345 6789 0123 456 to support easy recognition. The last group of the IBAN for a customer in UAE contains three characters.
There should not be any spaces when entering the IBAN in an electronic payment message. The IBAN should be presented in an electronic payment message as a continuous string of characters i.e. AE070331234567890123456
|Sl No||Beneficiary Account Number||Beneficiary Name||Amount||Bank Code||Employee No||Special Instructions for Beneficiary Bank|
|1||AE280330000001111111111||Suhail Farnath||3250.00||033||1||Sal Nov 2011|
|2||AE140330000001111111111||Kashif malik||4000.00||033||2||Sal Oct 2012|
|3||AE450330000001111111111||Kamran masood||5500.00||033||3||Sal Nov 2013|
The field specification is as follows: (Note: No special characters are allowed)
|SNO.||Field Label||Max Size||Type||Use||Remarks|
|1||Sl No||6||Numeric||Mandatory||This number must be unique in this file and need not be in any specific occurrence order.|
|2||Beneficiary account number||23||Alpha Numeric||Mandatory||The Beneficiary account number (IBAN) must be specified in this field.|
|3||Beneficiary Name||35||Alpha Numeric||Mandatory||Special characters including comma not allowed|
|4||Amount||9||Numeric||Mandatory||Valid transaction amount with 2 decimals. Negative & zero value are not permitted. Maximum length is inclusive of decimal values and decimal DOT. Eg: 123456.78|
|5||Bank code||3||Numeric||Mandatory||Valid bank code, 2nd, 3rd & 4th digit of the bank 9 digit routing number|
|6||Employee number||8||Numeric||Mandatory||This number must be unique in this file and need not be in any specific occurrence order.|
|7||Special Instructions for Beneficiary Bank||175||Alpha Numeric||Optional|
|Company A/c no (last 12 digit of IBAN)||010494300206|
|File Creation Time (HHMM)||2315|
|Sample excel file name will be as below|