The IBAN rules for local and international transfer in Oman have changed: what you should know. world News
The Sultanate of Oman has announced that starting from July 1, 2025, the use of International Bank of Account Number (IBAN) will be mandatory for all domestic financial transactions. This change comes as part of Oman’s Central Bank’s efforts to increase the efficiency, speed and accuracy of financial operation within the country.The mandate was already implemented for international transfer earlier this year, and now it extends to transactions within Oman.
The need for the hole for domestic transfer was increased
Central Bank of Oman had earlier made Iban mandatory for international transfer starting from 31 March 2024, and the results have been positive.According to a statement by Central Bank of Oman, the move has already “improved transactions for both local and international bank transfer, low errors and quick processing time.”Now, from 1 July, 2025, all domestic financial transfers within Oman should include the incarnation. This means that local payments and businesses between Omani banks will need to use this standardized format.In a major explanation, the Central Bank also confirmed that international transactions would still be accepted without an Iban – a change from the previous requirement. This means that there is more flexibility for foreign institutions to transfer money to Oman.
Regional banks start issuing guidance
Regulatory changes have also inspired reactions from financial institutions in neighboring countries. Emirates NBD app, a major banking platform in UAE, has begun to display an awareness message for users sending money to Oman.Advisor on the app states:“According to the new regulator mandate, Iban is now an essential requirement for all payments to the Sultanate of Oman starting from July 1, 2025.”To ensure compliance, Emirates is urging NBD customers to update the beneficiary details. Added to:“Please remove your beneficiaries in Oman using your iban to avoid payment failures. Please note that the 4 -hour cooling period will apply to newly added beneficiaries.”This is an active step to avoid practical advisory disintegration and fails the transaction after the regulation is implemented.
What is the hole and why it matters
International Bank of Account Number (IBAN) is a globally standardized format to identify bank accounts across countries. This border is designed to streamline crossing and reduce the possibility of errors.What makes the hole important here:
- This includes country-specific codes (eg, “” AE “for the UAE or” Om “for Oman), points check and traditional account number.
- It acts as a universal identifier, like a postal code for bank accounts.
- It does not replace the local account number, but acts as an additional layer for increased accuracy.
Prior to the implementation of the IBAN system, banking transactions were specifically prone to delays and expensive errors due to international, incompatible forms and identifiers. Since adopting most of Europe, Middle East and parts of Caribbean, Eban has proved to be a reliable standard.The extension of Oman’s Central Bank of IBAN for domestic transactions is expected to further align the country with global best practices, ensuring smooth and safe money transfer.
