In line with the Central Bank of Bahrain's directives, we are migrating to ISO's International Bank Account Number (IBAN).
We are implementing the IBAN standards to enhance efficiency of local and international electronic payments.
- IBAN is not a new account number; however it is created for each of the existing account number which will carry a unique IBAN.
- The IBAN consists of the existing account number added to it additional characters to differentiate it from other accounts.
- All account holders are obliged to use the IBAN effective 31st January 2012 whether to send, receive, or expect to receive electronic payments both locally and internationally.
- An incorrect given IBAN will result in either crediting the payment to a wrong account or payment being delayed or rejected.
- You can use the IBAN to:
- Receive an electronic payment from a bank within or outside Bahrain
- Send an electronic payment to a bank in Bahrain
- Send an electronic payment to a bank in a country that has adopted the IBAN standard
- IBAN can be used to send the electronic payments to countries that have adopted the new standard but not made it compulsory.
The below image shows the location of the IBAN number in the account statement.
For all relevant information and get more acquainted with this new standard to visit the CBB’s dedicated page for IBAN.