MUSCAT: In a significant move to streamline financial transactions, the Central Bank of Oman (CBO) has announced that starting July 1, 2025, the International Bank Account Number (IBAN) will be mandatory for all domestic money transfers. This initiative is set to elevate the efficiency of payment processes across the Sultanate of Oman.
The introduction of the IBAN for local transactions aims to minimize operational errors, speed up transfers between individuals and companies, and provide a smoother, more secure banking experience. This follows the successful implementation of the IBAN system for international transfers, which began on March 31, 2024. The earlier rollout for cross-border transactions not only improved accuracy and reduced errors but also expedited processing times, prompting the CBO to enforce strict guidelines.
In alignment with these international standards, the Central Bank has directed local banks to cease accepting cross-border transfers that do not utilize the IBAN as of July 1, 2025. Moreover, banks are being called upon to educate their customers about the advantages of using the IBAN, ensuring that every account holder is well-informed and prepared for this transition.
The CBO strongly advises all customers to promptly secure their IBAN from their respective banks and use it for every financial transaction, guaranteeing a seamless and secure transfer process. — ONA
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