1) What is IBAN and how does it help?
The International Bank Account Number (IBAN) was introduced in 2011 by the Central Bank of UAE to standardise the identification of bank accounts.
The IBAN is not a new account number. Additional characters will appear in front of existing bank account numbers. The original bank account number, plus the additional characters, will be known as the IBAN. Implementing the IBAN system is intended to help improve the quality of information exchanged between banks both within in UAE and internationally.
2) Was IBAN implemented by all Banks in the UAE?
The Central Bank of the UAE introduced IBAN in 2011, and instructed all banks in the UAE to implement IBAN.
3) Where do I get my IBAN for my HSBC accounts?
You can generate an IBAN using our online IBAN generator tool. You can also obtain information from your nearest Branch, or by contacting our call centres or your Relationship Manager.
4) Can HSBC help me to obtain the IBAN for accounts number with another Bank?
We are unable to provide IBAN for accounts held with another bank. You should approach the respective bank for assistance.
5) What happens if I don't quote the IBAN of the beneficiary while initiating a payment?
The processing of both inward and outward payments in your account will be rejected or may be delayed with additional processing charges as may be prescribed by the Central Bank of the UAE from time to time.
6) What happens if a sender does not quote the IBAN when sending me payments?
Payments will be rejected / delayed and may be subject to additional charges.
7) Do we need to quote IBAN for transfers between HSBC UAE accounts?
Where both the debit and credit accounts are with HSBC UAE, you can continue to provide the standard HSBC bank account number.
8) Currently, I use Personal Internet Banking. Do I need the IBAN when initiating electronic payments to UAE banks?
Yes, please ensure that you provide a valid IBAN at the time of initiating the payment instruction to ensure that your beneficiary gets the credit on time.
9) What if I want to make a money transfer over the counter at a branch. Do I still need to provide the IBAN of the beneficiary?
Yes if you wish to make an electronic transfer over the counter then you will be required to provide IBAN.
10) I receive monthly payments into my account from my employers; what instructions do I need to give them?
Please provide your IBAN to your employers to ensure timely receipt of funds into your account.
11) Is there any service charge if we fail to provide IBAN at the time of making payment requests? Will there be any charge should the remitter fail to incorporate my IBAN at the time of making payments?
Charges may apply, either by the sending or receiving bank. Please view our Schedule of Services and Tariffs as amended from time to time for information about all our charges.
12) I want to send funds outside the UAE however, the beneficiary is not aware of their IBAN.What should I do?
If you are sending funds to a country where IBAN is not implemented then you are not required to quote their IBAN number. Always check with a beneficiary if they have an IBAN.