Oman announced crucial opportunities to how money is sent within the country. Starting July 1, 2025, all local bank transfers must include an International Bank Account Number (IBAN). It improves the accuracy and speed of banking. Officials think that IBAN use in Oman will help avoid errors and delays.
The Central Bank of Oman shared that the switch to IBAN will apply to all domestic payments. People and businesses must use IBAN when sending money. This move follows a similar change made in March 2024 for international payments.
Since March 2024, banks in Oman have already used IBAN for money sent overseas. This improved processing times and cut down on mistakes. Now, the Central Bank wants to expand those benefits locally.
Banks will stop accepting cross-border payments without an IBAN. This rule will also take effect on July 1, 2025. Omani banks must now teach customers about IBAN use in Oman and how it helps protect their money.
All customers are urged to contact their banks to get their IBAN. They should also start using it for all payments before the deadline. This will help them avoid delays in future money transfers.
To support this change, the Central Bank has asked banks to launch awareness campaigns. These campaigns will explain why IBAN use in Oman is important. They will also give easy steps to help people use their IBANs correctly.
Additionally, the Central Bank has stressed that banks must offer clear information to customers. This will ensure everyone can make secure and fast payments.
Oman is joining many other countries that already use IBAN for all transfers. The change will improve banking services and build customer trust.
