Complex Made Simple

Qatar makes IBAN mandatory for cash transfers from May 1

The Qatari central bank has announced the International Bank Account Number (IBAN) is to become mandatory in the Gulf country for customers’ cross-border money transfers from May 1, 2014, Gulf Times has reported. The IBAN scheme will go live in Qatar on January 1, but will become compulsory for cross-border money transfers only after the expiry of the transition period on April 30.