What is IBAN and what is its format?
IBAN stands for the “International Bank Account Number”. It’s a bank account number recognized by banks and other financial institutions around the world. IBAN is used when you make or receive local and international transfers. It’s a standardized way of identifying a bank account, to eliminate errors and delays in sending/receiving payments.
On the other hand, IBAN format differs in length depending on the country of origin, because IBAN adds a standard prefix to a client’s Basic Bank Account Number (BBAN) (Domestic account number)
For Egypt, IBAN is set of 29 digits where the prefix includes Country Code (2 Letters), Check number automatically created (2 Numbers) that changes from one account to another as well as the bank code (Number of characters varies).
IBAN is an internationally accepted, reliable and accurate account number that facilitates fund transfer with less cost and errors.
When will IBAN be applied?
After CBE formal notification to start using IBAN (Expected to be by mid-June 2020)
Where can I find my IBAN?
You can receive your IBAN by visiting the nearest EBE branch, contact your Customer Relation Manager, or contact our call center on 16710.
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 can be used when making or receiving any local or international transfers.
What are the transactions that require IBAN?
Sending or receiving any local or foreign transfer from or to your account can take place using IBAN.
What will happen to my transfers after CBE’s announcement?
After CBE formal announcement to start using IBAN, all inward or outward local and international transfers can be executed using IBAN.