International Bank Account Number - IBAN
Qatar Central Bank
has announced the introduction of International Bank Account Number (IBAN) standard for all outward /inward remittances from 1st January 2014. This was implemented for our business finance customers’ bank accounts, effective beginning of 2014, as per the directive issued by the Qatar Central Bank.
IBAN is an international standard for identifying bank accounts. Its main purposes are to facilitate the automatic processing of money transfers, to improve the speed and accuracy of payment transactions, and to provide enhanced security provision in the transferring and receiving funds.
Your account number with QDB remains the same. You will, however, be required to provide updated payment details (with IBAN numbers) to individuals or companies who transfer funds to you to ensure that payments are not delayed or returned.
Your new IBAN account number will soon be displayed on your bank statements and it will also appear on Internet and Mobile Banking channels.
What is IBAN?
The International Bank Account Number (IBAN) is an international standard for identifying bank accounts across national borders in a way that would minimize the risk of propagating transcription errors.
The IBAN was originally developed to facilitate payments within the European Union but the format is flexible enough to be applied globally. It consists of a ISO 3 1 6 6 -1 alpha-2 country code, followed by two check digits and up to thirty alphanumeric characters for the domestic bank account number.
IBAN imposes a flexible but regular format sufficient for account identification and contains validation information to avoid errors of transcription. The standard IBAN now carries all the routing information needed to get a payment from one bank to another wherever it may be. IBAN contains check digits which can be validated in any country according to a simple standard procedure. Where used, IBAN's have reduced trans-national money transfer errors.
The check digits enable the sending bank (or its customer) to verify the validity of a routing destination and account number from a single string of data at the time of data entry. Thus routing and account number errors are virtually eliminated.
All banks in Europe (except for the Commonwealth of Independent States) provide an IBAN identifier for their accounts as well as nationally recognized identifiers - this being mandatory within the European Economic Area. In addition, Kuwait, Lebanon, Mauritius, Saudi Arabia, Tunisia, Turkey provide IBAN format account identifiers.
(The country list for IBAN can be found in the below link)Click here
for a list of countries that require IBANs and each country’s unique IBAN format.
SWIFT (Society for Worldwide Interbank Financial Telecommunication) is the official IBAN registrar.
For more information visit our FAQ Page