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What is an IBAN?
IBAN stands for International Bank Account Number.
It is a new account structure that includes the existing account number with additional information to its left, indicating the country code, the bank code for the bank account holder, check digits and additional leading zeros.
What is the benefit of the IBAN?
It allows exchanging account identification details in a machine-readable form. IBAN implementation will promote faster and reliable funds transfers between banks.
Does the IBAN replace my account number?
No, it is simply an additional standardized international identifier for your account.
What types of money transfers need IBANs?
1- Transfers between your account and beneficiary accounts in other banks in Kuwait.
2- Transfers between your account and beneficiary accounts when sending to banks operating in countries that have implemented IBAN.
Will I need both my IBAN and my beneficiary?s IBAN for money transfers?
Yes, except for beneficiaries in non-IBAN countries.
Will I need both my IBAN and the remitters? IBAN for receiving money?
Your remitter must provide YOUR IBAN to the remitting bank
What?s the IBAN print format?
When printing IBAN or writing it on paper, it should be written from left to right in the form of groups each of which consists of four (4) digits. Groups are separated by a single space as shown in the following example:
KW81 CBKU 0000 0000 0000 1234 5601 01
What?s the IBAN electronic format?
When writing IBAN electronically, it should be written from left to right without spaces as shown in the following example:
How do I get my IBAN?
Visit any Gulf Bank Branch and we will be happy to assist you. Alternatively, you can call up 1805805 and speak to a telebanking advisor. From 1st January 2011 you can also get to know your IBAN through Online Banking for each of your accounts.
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