What is IBAN in Dubai and UAE?
IBAN is the acronym for ISO 13616 standard compliant International Bank Account Number. IBAN is a unique customer account number which can be used conﬁdently in making or receiving payments (excluding checks and credit cards) within the country as well as abroad. The confidence comes from two sources: the first is the internationally accepted standard for numbering bank customer accounts and the second is the ISO standard methodology for verifying the accuracy of the IBAN.
IBAN stands for International Bank Account Number. It is the ISO 13616 international standard for bank account numbers. The IBAN facilitates the communication and processing of payment transactions.
The 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.
As per circular no 4305/2011, the UAE Central Bank is introducing the IBAN in the UAE with effect from 19 November 2011. This is a major initiative benefiting clients of all banks in the UAE.