CBO to implement IBAN for domestic financial transactions from July

27/03/2025 06:03 AST

The Central Bank of Oman (CBO) on Wednesday announced the implementation of the International Bank Account Number (IBAN) for domestic money transfers, effective from 1 July 2025. This initiative aims to enhance the efficiency of payment processes within Oman.

In a statement to Oman News Agency, the CBO said that this measure also seeks to reduce operational errors, expedite financial transactions between individuals and companies, and improve the beneficiary experience by providing safer and smoother transfer processes.

The CBO has advised all customers to obtain the IBAN for their bank accounts from their local banks and to use it for all money transfers to ensure smooth transaction processing.

The CBO implemented IBAN for international money transfers on March 31, 2024. This measure has contributed to improving the accuracy of financial transactions, reducing errors, and accelerating the processing of transfers between local and international banks.

Due to the success of this implementation, the CBO has announced the suspension of any international money transfers that do not include the IBAN, ensuring greater alignment with international standards and best banking practices.

In this context, the Central Bank of Oman has issued directives to local banks to cease accepting cross-border transfers that do not use the IBAN, effective from July 1, 2025.

The IBAN will be a prerequisite for all incoming money transfers from outside the Sultanate of Oman. Banks have also been urged to conduct awareness campaigns for their customers about the importance and benefits of using the IBAN and to provide the necessary guidance to ensure a safer and faster banking experience.

Muscat Daily