The International Bank Account Number (IBAN) is a new standardized international format for your bank account number. IBAN has been established as a part of Riyad Bank’s drive to comply with the international payment standards.
What is IBAN?
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IBAN is a mandatory requirement to send and receive local and international payments between banks in a secured way
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The IBAN follows an internationally accepted standard
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IBAN is not a new Bank Account Number
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IBAN will include additional characters and numbers around your current Bank Account number
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Your present Bank Account Number will not change
The Benefits
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Increased compliance to internationally accepted standards means fraud becomes almost impossible
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IBAN is consistent with international banking systems which makes it easier to process transactions with local and international banks
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IBAN eliminates delays in receiving payments
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Verification of beneficiary accounts reduces errors triggered by entering incorrect account numbers
How to Find IBAN Number?
You can
get the IBAN of your account through one of the following channels: