Effective 31st January, 2012, all bank customers in Bahrain need to use an IBAN when they make or receive the following electronic payments through banks within Bahrain or overseas:
Sending and receiving electronic fund transfers in Bahrain
Sending electronic fund transfers to countries which have adopted IBAN. These countries include a number of GCC countries (Saudi Arabia, Kuwait & United Arab Emirates) and the majority of European Union countries
Receiving electronic fund transfers from any country (regardless having implemented IBAN or not). Customers should provide their IBANs to parties from whom they are expecting payments
IBAN reduces errors and paves the way forward to minimize delays in processing fund transfers. This is due to the use of the correct bank account number, which is assured by IBAN standards.
IBAN standards contain a mechanism to check the accuracy of the IBAN of the recipient.
With the implementation of IBAN, banks will only make the payments which carry the correct IBAN.
Customers can check the accuracy of an IBAN by using the websites provided in the following useful links:
IBAN is an account number used to make or receive electronic fund transfers
HOW IT DIFFERS FROM THE EXISTING ACCOUNT NUMBER?
A unique numbering system which adds three components to the existing account number
WHAT ARE THOSE ADDITIONAL COMPONENTS?
Country code: "BH"
Two check digits
Four letters of the SWIFT BIC Code ofthe customer's bank.
HOW TO OBTAIN IBAN?
Banks issue IBANs to their customers. A customer can find the IBAN in the header of the regular bank account statement. Anyone who has not received IBAN should contact the bank.
