IBAN is a bank account number that is recognized by banks and other financial institutions around the world. It's a standardized way of identifying a bank account, which reduces errors and delays in sending international payments.
To ensure that all your transactions are easily processed, kindly be informed that effective 30 June 2020, only transfers from or to your account will require an IBAN to be processed, while your existing account number remains valid without any changes.
IBAN QUESTIONS and ANSWERS:-
WHAT IS IBAN?
IBAN stands for the “International Bank Account Number”. It's a bank account number that is recognized by banks and other financial institutions around the world. You will need to use an IBAN when you make or receive local and international transfers,
It's a standardized way of identifying a bank account, which reduces errors and delays in sending international payments.
Why using IBAN?
IBAN is an internationally accepted, reliable and accurate account number that facilitates fund transfer with less cost and errors.
When will IBAN be Effective on my account?
IBAN number (29 Digits) will be effective 30 June 2020.
How and where can I find my IBAN number?
You can find out your IBAN by visiting your nearest UB branch, for more info, Call 19200.
If you are registered to UB Online Banking, you can find your IBAN through Online Banking/Mobilebanking by effective 30 June 2020.
Additionally, the IBAN will be listed on your printed Bank Account statements.
When will this affecting my account?
Effective 30 June 2020, all local and international transfers from or to your account will require an IBAN in order to be processed.
Will my existing account number be invalid?
Your existing account number remains valid without any changes. IBAN is a different electronic format of your account number that will be used only if you are making or receiving any local or international transfers.
What is IBAN format?
International Bank Account Number (IBAN) is a standard account number used to expedite automatic processing of money transfers worldwide and used now by 96 countries.
EGYPT Structure is 29 Digits.
IBAN Formula as per CBE instructions:-
The basic bank account number varies in length depending on the country it comes from.
What will happen to my transfers after June 2020?
Effective 30 June 2020, all inward or outward local and international transfers will require an IBAN.
Using both account numbers and IBAN will continue to be accepted & processed until the Central Bank of Egypt’s full launch of the IBAN across the country, after which no transfers will be accepted without using the IBAN. Further communication will be shared with your good selves.