IBAN to Become Mandatory for All Incoming Financial Transfers to Oman Starting July 2025

The Central Bank of Oman (CBO) has announced that starting from July 1, 2025, the use of the International Bank Account Number (IBAN) will become mandatory for all incoming financial transfers from abroad to Oman. This decision aims to enhance accuracy, security, and speed in processing international transactions and aligns with global banking standards.

What is IBAN and Why Does It Matter?

IBAN, short for International Bank Account Number, is a globally standardized format for identifying bank accounts. It includes a country code, bank code, and customer account number. Using IBAN significantly reduces errors in money transfers and makes financial processing faster and more secure.

This move follows the successful implementation of IBAN for international transactions that began on March 31, 2024. The adoption of this structure has improved coordination between domestic and international banks and accelerated the processing of cross-border payments.

End of Traditional Methods (SWIFT Code)

Previously, international transfers to Oman typically required a domestic account number along with a SWIFT code. While functional, this method often led to data entry errors, delays in transfers, or even rejected transactions. With IBAN becoming mandatory, these issues will be resolved, and the process of receiving funds will be simpler, faster, and more reliable.

New Regulations, Public Awareness and Customer Guidance

The Central Bank emphasized that from July 1, 2025, no incoming international transfer will be accepted without an IBAN. Local banks are also required to launch awareness campaigns to educate customers on the importance and correct usage of IBAN.

Customers are advised to obtain their IBAN numbers from their respective banks and use them for all financial transactions, both international and domestic.

The CBO has also confirmed plans to extend the use of IBAN to domestic transactions in the near future. This will support the creation of a unified, fast, and secure banking system for all financial transfers across the Sultanate.