Swift Codes Remittances

 

The Central Bank of UAE has announced the launch of an enhanced local electronic funds transfer system (UAEFTS). These enhancements will improve payment and returns processing times for electronic payments within the UAE.  
  
The following changes will apply to all domestic UAE Dirham (AED) payment instructions processed via your accounts maintained in UAE from 14 April 2012. 

  • Effective 14 April 2012, all customers are required to provide a valid Transaction Type Code (listed below) to allow banks to accept and process payment instructions. Any payment instruction submitted to RAKBANK without a valid Transaction Type Code may be rejected, OR delayed.  Salaries processed via The Wages Protection System (WPS) do not require a Transaction Type Code.
  • IBAN was implemented on 19 November 2011 with a grace period ending on 12th April, 2012. Therefore, effective 14 April 2012, all domestic payment instructions are required to contain an IBAN in the beneficiary account number. Any payment instructions including WPS payments submitted without IBAN, with the exception of credit card payments, are subject to rejection by the UAEFTS.
  • If you have standing orders/instructions for effecting payments in future, you also need to amend the same, by providing a valid Transaction Type Code and IBAN equivalent for the beneficiary account.
  • Please be advised that, as per Central Bank guidelines, starting April 14th 2012, credit to accounts held in banks operating in the UAE will be affected solely based on the beneficiary IBAN.  As a valued customer of us, we would advise you to provide your proper IBAN to your payers and also obtain valid IBAN numbers from your payees.  
      
    The list of valid Transaction Type Code with description is as below.  Please be advised, the codes that can be used are dependant on the type of account that you hold in the books of RAKBANK.

Codes Applicable for usage by Individual customers:

Code Description
CRP Credit Card Payments: The code is to be used for making credit card payments
CHC Charitable Contributions: The code is to be used for making contributions to designated accounts held by charitable institutions
REM Remittance: The code is to be used for making any payments to individuals or non-individuals accounts for any payments that cannot be classified in any of the codes described above.
CBP Cross Border Payments
INV Miscellaneous Payment with Invoice Details
RBC Miscellaneous Payment with Beneficiary Customer Reference
ROC Miscellaneous Payment with Ordering Customer Reference
PIN This Code to be used for Personal Investments
FAM This Code to be used for Family Support
DCP This Code to be used for making Debit Card Payments
EMI This Code to be used for Equated Monthly Installments payments
LNC This Code to be used for Loan Charges
EDU This Code to be used for payments related to Educational Support
RNT This Code to be used for Rent Payments
UTL This Code to be used for Utility Bill Payments (viz.. Etisalat, Dewa etc)

Codes Applicable for usage by Companies:

Code Description
SAL Salary: The code is to be used for making salary payments to employees.
ALW Allowances: The code is to be used for making payments to employees for allowances.
BON Bonus: The code is to be used for making bonus payments to employees.
COM Commission: The code is to be used for making commission payments to employees.
COP Compensation: The code is to be used for making payments to employees for compensation.
EOS End of Service: The code is to be used for making payments to employees for their end of service benefits.
LAS Leave Salary: The code is to be used for making leave salary payments to employees.
OVT Overtime: The code is to be used for making payments to employees for overtime
TKT Tickets: The code is to be used for making payments to employees for tickets
ACM Agency Commission: The code is to be used for making payments to other companies for agency commissions
CCP Corporate Card Payment: The code is to be used for making payments to cards held in the name of the company.
CHC Charitable Contributions: The code is to be used for making contributions to designated accounts held by charitable institutions
REM Remittance: The code is to be used for making any payments to individuals or non-individuals accounts for any payments that cannot be classified in any of the codes described above.
CBP Cross Border Payments
INV Miscellaneous Payment with Invoice Details
RBC Miscellaneous Payment with Beneficiary Customer Reference
ROC Miscellaneous Payment with Ordering Customer Reference
MCR This Code to be used for Medical Claim Reimbursements
SAA This Code to be used for giving Salary Advances
CIN This Code to be used for Commercial Investments
PEN This Code to be used for payments related to Pension
AES This Code to be used for Advance payments against EOS (End of Service)
EMI This Code to be used for Equated Monthly Installments payments
LNC This Code to be used for Loan Charges
EDU This Code to be used for payments related to Educational Support
RNT This Code to be used for Rent Payments
UTL This Code to be used for Utility Bill Payments (viz.. Etisalat, Dewa etc)

For Transaction Type Code with reference number (INV, RBC, ROC) please provide the reference number in customer reference field.

Please note that the IBAN is displayed on the top right hand corner of your Account statements for your ready reference. Alternatively, IBAN can also be checked by logging on to internet Banking or IVR.

For further information you may please Contact your Relationship Manager / Branch Manager.

Routing instructions/ details for remittance in US Dollars (USD)

Beneficiary Bank: NATIONAL BANK OF RAS AL KHAIMAH (P.S.C) 
Swift Code: NRAKAEAK 
Beneficiary Name: (Name as per account) 
Beneficiary Account: (13 digit account number)

Cover to be effected through:

SWIFT: IRVTUS3N 
Bank of New York, New York, USA.

Routing instructions/ details for remittance in Pounds Sterling (GBP)

Beneficiary Bank: NATIONAL BANK OF RAS AL KHAIMAH (P.S.C) 
Swift Code: NRAKAEAK 
Beneficiary Name: (name as per account) 
Beneficiary Account: (13 digit account number)

Cover to be effected through:

Lloyds TSB Bank PLC, London. United Kingdom. 
SWIFT: LOYDGB2L

Routing instructions / details for remittance in EURO

Beneficiary Bank: NATIONAL BANK OF RAS AL KHAIMAH (P.S.C) 
Swift Code: NRAKAEAK 
Beneficiary Name: (name as per account) 
Beneficiary Account: (13 digit account number)

Cover to be effected through:

DEUTSCHE BANK AG, FRANKFURT 
Swift: DEUTDEFF

Routing instructions/ details for remittance in CANADIAN DOLLARS

Beneficiary Bank: NATIONAL BANK OF RAS AL KHAIMAH (P.S.C) 
Swift Code: NRAKAEAK 
Beneficiary Name: (name as per account) 
Beneficiary Account: (13 digit account number)

Cover to be effected through:

Royal Bank of Canada. 
SWIFT: ROYCCAT2

Routing instructions/ details for remittance in AUSTRALIAN DOLLARS

Beneficiary Bank: NATIONAL BANK OF RAS AL KHAIMAH (P.S.C) 
Swift Code: NRAKAEAK 
Beneficiary Name: (Name as per account) 
Beneficiary Account: (13 digit account number)

Cover to be effected through:

Australia & New Zealand Banking Group Ltd. 
International Clearings 
International Payments Operations 
SWIFT: ANZBAU3M

Routing Instructions/ Details for remittance in SAUDI RIYALS

Beneficiary Bank: NATIONAL BANK OF RAS AL KHAIMAH (P.S.C) 
Swift Code: NRAKAEAK 
Beneficiary Name: (name as per account) 
Beneficiary Account: (13 digit account number)

Cover to be effected through:

SAUDI BRITISH BANK 
SWIFT: SABBSARI

Click here for Remittances Service and Price Guide

 

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