What is an International Bank Account Number (IBAN)?
An IBAN is simply your existing account number in a format/structure that makes it internationally recognizable.
Who will use IBAN?
Anyone making or receiving payments within Kuwait, whether personal or business will have to include the IBAN in the payment instructions.
When do I use an IBAN?
- Transfers between banks operating in the State of Kuwait.
- Transfers received from banks outside the State of Kuwait favoring bank accounts of banks operating in the State of Kuwait.
- Transfers issued by banks operating in the State of Kuwait to bank accounts outside the State of Kuwait in countries that apply IBAN system.
- International standing orders to countries that apply the IBAN system.
- New local Standing Orders after the 1st of January.
When I don’t use an IBAN?
- Inter-account transfers in other words transfers between my NBK accounts.
- Transfer between customers within NBK.
- Credit Card payments.
- Transfers to countries that do not use IBAN concept.
- Local Standing Orders already existing before the 1st of January.
Why do I need an IBAN?
It is a simple, standard way to identify account details and helps to speed up payments between bank accounts.
What should I do if the company I want to pay did not give me their IBAN?
If the company hasn’t printed their IBAN on their invoice, you should ask for them. You should advise the company that payment could be rejected.
How can I obtain my IBAN number?
NBK customers can obtain their IBANs in the following ways:
- Through WOL and WOLC
- By speaking to one of our Hala Watani agents – 1801801
- Printed on statements
- Visiting one of our branches
- or click here to generate NBK IBAN
Does IBAN apply to currencies or to countries?
The use of IBANs is country specific and not currency specific for example payments made to the following countries are mandatory :
- Jordan (effective 2/2/2014)
- Saudi Arabia
- United Arab Emirates
And more will be added soon based on the rules and regulations of the Central Bank.