The State Bank of Pakistan has made IBAN mandatory for remittances to be tracked well

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iban mandatory for remittances

International bank account numbers (IBAN) are necessary for bank operations across borders through which business can be done at a greater level. It consists of 24 alpha-numeric characters that are made up of the country code, check digits, branch identifier followed by the local bank account number adopted since 1997 by many countries of the world.

Hence all financial institutions have been advised to use IBAN numbers instead of local account numbers to track for home and international remittances while only a few people except those who use them for their foreign transactions know about it. This will also increase the IBAN awareness as it is going to be made mandatory from 31st December 2016 for PRI home remittances under the Annexure B & C.

The necessary steps will be taken by the Pakistan Remittances Initiative for their customers while all commercial banks will bring about awareness in their customers especially for home remittance areas besides asking their related corporations to do the same as well.

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