Transferring money may be a little easier thanks to the announcement the UAE will introduce the International Bank Account Number (IBAN) as standard for all bank accounts.
The news from the Central Bank will bring the nation's banking practices in line with international standards with the UAE joining 50 other countries, including Kuwait, Lebanon, Saudi Arabia and Tunisia, as well as the European Union, who have already adopted the IBAN standard. For those who don't know, IBAN was developed by the European Union and is an account system aimed at enhancing efficiency and security for local and international electronic payments.
What this means for you is that your bank will be provide you with a unique 23-digit account number for each of your accounts. This will replace your existing account number for all your transaction purposes and will ensure any electronic payments made by you are sent and received seamlessly between banks in the UAE and in those countries where IBAN has been adopted. For all other banks, your traditional account number along with bank and branch identifiers must be specified in the transaction record. The Central Bank said that IBAN will be effective from November 19 and is applicable to all accounts.
Alice Haine, The National