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, cut down errors and delays in international payments and to improve the speed and accuracy of your payment transactions.
1. Why is Qatar going with IBAN?
Because of the above benefits and also because many regional countries are already on IBAN – Bahrain, Kuwait, Lebanon, Saudi Arabia, UAE. The bank is pleased to inform you that we will soon be migrating to the International Bank Account Number (IBAN) standard for numbering of customer bank accounts effective 31 December, 2013 as per the directive issued by the Qatar Central Bank.
2. Why to have an International Bank Account Number (IBAN)?
Qatar Central Bank has directed banks for the adoption of IBAN in Qatar in order to facilitate Straight Through Processing (STP) of Electronic Payments by minimizing delays and avoiding extra costs associated with incorrect account numbers. IBAN implementation will help in bringing more efficiency in remittance related transactions.
3. Who's on IBAN already?
There are over 62 countries currently on IBAN.
4. Are cheques affected?
No the cheques will continue to be cleared as they are today.
5. How to know your International Bank Account Number (IBAN)
First of all it is important to understand that IBAN is not a new account number. We will simply create an IBAN for your existing account number using the international format. The IBAN number in Qatar will be 29 digits long for all accounts in Qatar and look as follows:
- QA indicates Qatar (wherein all accounts in Qatar will start with QA)
- 89 are check digits
- BRWA is the bank code / bank identifier
- And the last 12 numbers (underlined)are your Barwa Bank account number
Please refer to your paper or electronic statement to locate your account number and IBAN.
Alternately you may also use IBAN Generator tool provided on our website (www.barwabank.com) to generate the IBAN number by simply typing in your account number. Please note that IBAN number will vary with currency of account. IBANs include all the necessary details for a receiving bank to post the payment directly to a beneficiary's bank account without any manual intervention. An IBAN contains information relating to the country, bank and branch of the beneficiary as well as the account number itself.
6. What are the benefits of International Bank Account Number (IBAN)
As we near implementation of the IBAN in Qatar, we will keep you informed of the key dates on when it will appear on your statements, when it becomes mandatory to use it to transfer funds to a third party in Qatar and also update this page accordingly. We will also provide an IBAN calculator for you to generate the IBAN by yourself soon!
You will need to use your IBAN for the following local & international electronic payments:
- Receiving an electronic payment from any bank within or outside Qatar
- Sending an electronic payment to any bank within Qatar
- Sending an electronic payment to any bank in any country that has adopted IBAN
7. When will Qatar implement IBAN?
The current plan is to go live with IBAN on 31 December, 2013. Its use will be mandatory from 1st May 2014.
8. What payments are covered?
All inter-bank transfers to accounts within Qatar will require a beneficiary IBAN from 1st May 2014. This includes SWIFT payments and instructions, Barwa Bank Internet Banking payment instructions, salary transfers and QATCH payments.
9. Will customers have more than one IBAN?
Customers can have more than one IBAN. An IBAN uniquely identifies an account (not a customer) so if the customer has more than one account (say a QAR current account and a USD Super Saver) they will have more than one IBAN.