Oman makes IBAN mandatory for all domestic bank transfers
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Oman has made the use of the International Bank Account Number (IBAN) mandatory for all domestic financial transactions effective July 1, 2025. The move aims to enhance transaction accuracy and efficiency.
The Central Bank of Oman, which had earlier mandated IBAN for international transfers starting March 31, 2024, confirmed that the policy has already resulted in reduced transaction errors and faster processing times for both local and cross-border payments.
As per the new regulation, while IBAN remains optional for incoming international transactions, all payments within Oman must now include the recipient's IBAN.
Financial institutions across the region have begun issuing advisories in response to the new requirement. Users of the Emirates NBD mobile banking app in the UAE, for example, were notified to delete and re-add Omani beneficiaries with their IBAN details to ensure successful transactions.
“In line with new regulatory mandates, IBAN is now a mandatory requirement for all payments to the Sultanate of Oman, starting from July 1, 2025,” the app notification read. It also advised customers that a four-hour cooling period will apply to newly added beneficiaries.
The Central Bank has emphasized that this initiative aligns with global best practices to strengthen financial infrastructure and security.