IBAN stands for International Bank Account Number. An IBAN is not a new account number, but simply a new format for an existing bank account number that will be recognized internationally.
The main purpose of IBAN is to facilitate the automatic processing of money transfers to improve the speed and accuracy of your payment transactions. The benefit of IBAN to the customer is the assurance of making a payment to the correct account without delay.
Please ensure that the IBAN for your account is communicated to all parties from whom you are expecting a remittance to your account. In case the IBAN is not used, the processing of both Inward and Outward payment in your account IS LIKELY TO BE REJECTED OR MAY BE DELAYED after June 30, 2013.
If you have standing orders for effecting payments from your account to beneficiary accounts held in banks within Pakistan other than Askari Bank, then you will need to amend the same, by providing the IBAN equivalent for the beneficiary account.
Please note, all Askari Bank payments/instructions submission channels will be enhanced to accept IBAN in beneficiary account field by the end of June 2013.
IBAN stands for International Bank Account Number. An IBAN is not a new account number, but simply a new format for an existing bank account number that will be recognized internationally.
The IBAN facilitates the communication and processing of payment transactions. The IBAN is an international standard for identifying bank accounts (excluding credit cards). The main purpose of IBAN is to facilitate the automatic processing of money transfers, to improve the speed and accuracy of your payment transactions.
An IBAN contains information relating to the country, bank and branch of the beneficiary as well as the account number itself.
Based on the above the IBAN for Pakistan will be 24 characters:
Country Code | Check Digit | Bank Code | Account Number
Your Existing Account Number is: 0010110203819 *
Your IBAN Number is: PK69ASCM0000010110203819 *
* The above example is for Askari Bank Limited Account Holders.
The main benefit is that IBAN should provide you with quicker processing of your funds transfer. Since banks are required to check the accuracy of the IBAN at the point of initiating a fund transfer, they can only make the funds transfer which carry the correct IBAN.
All bank customers, who receive or make fund transfers through Pakistan, will require an IBAN. If you have multiple bank accounts, you will require an IBAN for each one.
You can start using IBAN for your local and international fund transfers.
The main benefit of IBAN to the customer is the assurance of making a payment to the correct account without delay.
You can retrieve your IBAN from our bank’s website at Generate IBAN and you will see your equivalent ΙΒΑΝ on your bank statement.
IBAN can be used for the following local and international payments:
An IBAN can always be distinguished from a normal customer account number by the following:
No, your existing account number(s) will continue to be valid. IBAN is not a new account number. It simply represents the existing account number in a recognizable ISO standard format. The adoption of IBAN in Pakistan does not require changing or replacing the existing account numbers.
No, the IBAN must be used for sending and receiving local and international funds transfers.
You will not be able to see your IBAN on Online Banking. However, you will be able to see your IBAN on your statements and balance reports.
Presently, there is no additional charge for using IBAN other than our normal transaction processing fees.
The SBP decided to implement IBAN to increase efficiency/accuracy of customer payment transactions without any delay.
Banks will not process and will reject such transfers if they do not contain a valid IBAN account number.
You can visit the website link “Generate IBAN” and input your valid Askari Bank Pakistan account number to generate your IBAN number.
You can visit the website link “Validate IBAN” and input your Askari Bank Pakistan IBAN number for validation.
