CBI Now Under IBAN...Iraq Is Int'l

[Luigi1]

Luigi Asks...

Could this be the last step CBI must take to be Int'l recognized?

Not verified. Your opine.

 

10 Jan 2017  rcookie... 
Article:  "Central Bank announces the adoption of the international mathematical number (IBAN) makes all the conversions"  Quote:  "...introducing the international bank account number (IBAN) system in Iraq."  

THIS IS BIG NEWS BECAUSE IBAN HAS BEEN PART OF THEIR WORKING BANKING SUPERVISION FOR MANY LOI'S FROM THE IMF...AND TODAY... BOULYAAAH!  ABSOLUTELY ... HUGE!
 

[BJinMontreal]

IBAN is NOT for currency conversions - it is to have a standard for bank account numbers - so that if bank A uses 00000-000-000000 and bank B uses 000-00000 then under IBAN, a consensus would be found so that the teller transferring funds from one bank to another would have less chance of making a mistake with the transfer.

Central Bank supports international account “IBAN” in all conversions

Posted on January 9, 2017 by TRC

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Central Bank of Iraq announced on Monday, the international account “IBAN” adoption in all local and external conversions.

A statement of the bank, the agency {Euphrates News} received a copy of it today, “the adoption of the international mathematical figure {IBAN} starting from the second of January of 2017 in all local and foreign transfers for the purpose of unification of bank accounts in all operating banks numbers in Iraq”.

“The new version of the account numbers will contribute to improve the level of financial and banking services, as well as common mistakes exceeded in some banks and financial institutions in the use of customer accounts when transferring figures”.

Euphrates News

Rasheed Bank intends to apply IBAN system to transfer your money

Posted on October 20, 2016 by TRC

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Rasheed Bank on Thursday expressed its intention of introducing IBAN system to transfer money in and out of Iraq, referring to the use of the overall banking system through the application of this system.

The bank manager Rashad Khudair in a statement Sumerian received News, “The bank has a training cycle on the use of IBAN issuing banking customers own identity program, “noting the importance of” the program the unification of the bank accounts of all banks operating in Iraq figures in preparation for the use of the banking system overall, which leads to improving the level of financial and banking services.”

Khudair, “a timetable for lecturing on the branches and staff of the current account and savings managers to explain the importance of the International Bank Account Number setting, “noting that” the bank will pay under this system to transfer money in and out of Iraq for all customers through that account.”

Iraqi banks have not kept pace with developments in the work of international banks developments, has been linked through the use of telephone and fax machines, not interfering internet only after the year 2004 the Ministry of Finance seeking banks associated with them to develop through the introduction of modern technologies and linking banks globally automatically, to facilitate the transfer of funds to and from Iraq.

 

from HSBC http://www.business.hsbc.uk/en-gb/payments/clearing-and-foreign-currency-payments/iban-and-bic

How to find your IBAN and BIC

You'll find both your IBAN and BIC on your paper bank statement.

 

Your IBAN will look like this: GB15MIDL40051512345678.

The structure is consistent but the actual length, which can be up to 34 characters, depends on the national standards of the country in which it is issued.

 

Your BIC identifies the bank branch and will look like this MIDLGB22

What do the letters and numbers mean?

• Country code identifies the country in which the IBAN was issued and where the IBAN account is held
• Check number enables a banking institution to complete an integrity check of the IBAN. It will vary from one IBAN to another
• Bank code identifies the IBAN account holder's bank
• Sort code and account number identify the account into which funds should be transferred. You will see from your statement that these are the same as your UK bank account details

 

When to use an IBAN and BIC

IBANs can be used for worldwide payments but are most commonly used in Europe. All cross-border euro Priority Payments within the EU or the European Economic Area must quote the BIC and IBAN of the beneficiary. If you don't provide this information, additional fees may be charged back to us, which we will then debit from your account. What's more, any euro payment without a BIC and IBAN can be returned or rejected and a fee charged.

The EU has introduced regulations to align charges for local and cross-border payments within the region. This means that when receiving cross-border euro-denominated payments for EUR50,000 or less, quoting the correct IBAN and BIC, the beneficiary will not incur charges from the receiving bank, over and above those payable locally. Please note, the regulation does not apply to payments made to or from Jersey, Guernsey and the Isle of Man.

You should give your IBAN and BIC to anyone who needs to make payments to you from abroad. Businesses should quote their IBAN and BIC on invoices they issue internationally and look out for IBAN and BIC on invoices received.

[King Bean]

+1 BJ and I learned something today, so I can go back to drinking (coffee). Please forward this information to Luigi. He still thinks iBAN is a deodorant and BIC is an ink pen. Who knew ??

[sandfly]

Good one kb