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International Bank Account Number

Important Update

"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.