No. Every International Bank Account Number can represent one currency. A different account number is created of each account, regardless of the currency used.
No. Each customer will get a different International Bank Account Number for each account they have
No. Your existing account number will continue to be valid. IBAN is not a new account number. It simply represents your existing account number in an internationally recognizable ISO format
IBAN can be used for sending and receiving domestic and international transfers to and from other banks
Credit cards don’t have an IBAN. IBANs are only used for normal account numbers
Visit our website and select Ways to Bank and then select Retrieve & Validate IBAN. On the Validate IBAN tab, enter the CIB IBAN in the field and click Validate.
You can get your IBAN via e-statement through Internet Banking ,CIB Business Online or by visiting our website. On our website, select Ways to Bank and then select Retrieve & Validate IBAN. On the Retrieve IBAN tab, enter your valid CIB account number in the field.
The length of the International Bank Account Number varies from country to country. In Egypt, the International Bank Account Number consists of 29 numbers.
Starting end of June 2020, you are required to use your IBAN to send or receive any domestic or international transfers to and from other banks.
No. The SWIFT code is an identification code for the bank to use when making transfers between banks but the International Bank Account Number is an identification number for the individual making the transfer. This number varies for each person and for each account
- Facilitates Straight Through Processing (STP) of electronic payments, reducing manual intervention when carrying out financial transfers.
- Contains all data required to facilitate the processing of domestic or international transfers, as it consists of the following:
- Country code
- Check digit
- Bank code
- Branch code
- Account number
- Reduces errors in financial transfers from incorrect account numbers.
- Helps customers carry out financial transfers through banking channels, such as online banking (individuals and companies), mobile banking, and CIB branches.
- Reduces costs and improves operational efficiency in processing financial transfers
IBAN stands for “International Bank Account Number.” It is an internationally accepted account number that can be used in making or receiving payments within Egypt as well as abroad.IBAN’s international numbering system is standardized under the ISO methodology, simplifying cross-border transactions with speed and accuracy
An IBAN adds a standard prefix to the existing customer account number.
The prefix includes:
- The country code
- The check digit
- The bank code
- The branch code
- The last 12 digits of an IBAN number is the customer account number.
As per the Central Bank of Egypt’s mandate, IBAN will be implemented effective end of June 2020., and you will be required to provide an IBAN for all instructions for value date on or after end of June 2020 when making or receiving payments to or from other banks.
All bank customers who receive or make transfers will need to use an IBAN. If you have more than one account, you will need an IBAN for each account.
The IBAN streamlines remittance related transactions by reducing payment rejections, transfer delays, and associated bank charges. The adoption of IBAN is a step forward in increasing the efficiency of electronic payments.