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What is an IBAN?

IBAN is an international Bank Account Number for the bank account, which is based on international standards on account numbers (13616 ISO Standard). It is special codification of account numbers of bank clients that allows users to verify the account number that will receive the transfer (the beneficiary of the transferred amount) before executing the transfer order to any local or international bank as long as the country that will receive the transfer applies the IBAN standards.

IBAN in Palestine comprises 29 digits as shown below from left to right:

  • Country Code: two digits, according to the International Organization for Standardization for Palestine which is (PS).
  • Verification Digit: two digits that are obtained through applying the internationally used standard MOD-97-10.
  • Bank Code: four digits: they refer to the bank name for the account. The banks code with SWIFT is used.
  • Client’s Account Number: 21 digits, should the digits be less than 21, zeros are added to the left of the account number.

Example:
The client’s account number is 123456789. The IBAN number is PS##PALS000000000000123456789.

How can I obtain by IBAN?

You can obtain your IBAN only through the bank with which you have the account.

When is my IBAN used?

  • Transfers to countries other than Palestine that use IBAN.
  • Receiving transfers from countries other than Palestine, as you need to inform the person executing the transfer of your IBAN before the transfer is executed.
  • Transfers to beneficiaries in other banks in Palestine.

When is the beneficiary’s (the person receiving the transfer) IBAN used?

  • Transfers to countries other than Palestine that use IBAN.
  • Transfers to beneficiaries in other banks in Palestine.
  • Transfers between banks operating in Palestine: use of IBAN is obligatory as of mid 2013 when executing any transfer in Palestine between banks operating in Palestine by using the IBAN of the person executing the transfer and that of the beneficiary.
  • Incoming transfers to you account from outside Palestine.

Is the use of IBAN obligatory?

It is obligatory as of March 2013, and any transfer that does not have your IBAN will be returned. The Palestinian Monetary Authority reviews this policy and instructions with be updated should there be any changes.

What is the aim of using IBAN?

  • Increase efficiency in processing bank transfers and passing them through electronic systems, as well as developing them to become immediate processing technique for transfers.
  • Verify the account number of the recipient in order to avoid return of transfers to wrong account numbers and minimize the time and costs resulting from such errors.

Can I check my IBAN through the internet?

  • Yes, the Palestinian Monetary Authority provides all clients of banks operating in Palestine with a free of charge service to verify your IBAN with any bank operating in Palestine through the following website: www.pma.ps. Banks also provide a group of mechanisms that facilitate checking and verifying your IBAN.

Can I use my IBAN and regular account number at the same time when executing a transfer?

  • Using the IBAN is enough on its own, as the IBAN contains your main account number.

In case I receive a transfer from outside Palestine that does not have my IBAN, is it deposited in my account?

  • According to the Palestinian Monetary Authority instructions and as of March 2013, the transfer will be returned and will not be deposited in your account. You might also have to pay additional commissions as a result. The Palestinian Monetary Authority is currently reviewing this matter, new instructions will be published should it be changed,

Will my account numbers be void should the IBAN be used?

  • No, using the IBAN does not lead to amending or deleting your main account number as the IBAN is not a new account number, it is the same as your account number but in a form that is in line with international standards and for specific uses.

Can I check the IBAN of the beneficiary before executing a transfer?

  • Yes, you can make this request directly with the bank holding your account in Palestine. You can ask the bank to verify the beneficiary’s IBAN whether his account is with a bank operating in Palestine or at any other country in the world that uses IBAN system.