The Benefits of IBAN in Saudi Arabia
Benefits to Customers
The major benefit to customers will be that the Remitter can validate the account number of the Beneficiary regardless of the banks where either party has their account. The use of IBAN should almost totally eliminate the incidence of payments been rejected / returned by the account holding bank and the consequent additional work for the remitter. IBAN will facilitate the greater use of Internet payments by all customers.
These benefits will be achieved without the need for a change in the basic account number of the customer. All banks will distribute IBANs to their existing customers. New customers will be given their IBAN at the time of opening the account.
All customers will be required to advise their IBAN to various parties from whom they expect to receive payments both domestic and international.
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