Sending payments to beneficiaries in Oman?

Last updated: 3 April 2024

Starting 31 March 2024, all beneficiary banks in Oman are required to accept and process payment instructions that include a valid International Bank Account Number (IBAN) for accounts held in Oman. In accordance with local regulations, we’re updating Priority Payment screens for beneficiaries located in Oman to recommend that you use the beneficiary’s IBAN.

What this means for you

To help facilitate payment processing, from 1 April, Priority Payment screens to beneficiaries located in Oman will recommend that you use the beneficiary’s IBAN if you’ve entered an account number.

Priority Payments sent only with the beneficiary’s account number may incur additional processing charges and can be delayed or rejected.

Here’s what the message will look like:

(select image to enlarge)

We recommend you, or someone in your organisation with the correct payment permissions, review the following as needed:

• Existing beneficiaries:
  We recommend reviewing your existing beneficiaries located in Oman and, if necessary, update them to include a valid IBAN.
  

• Existing Priority Payment templates:
  We recommend reviewing your General and Restricted Priority Payment templates for beneficiaries located in Oman and, if necessary, update them to include a valid IBAN.

• Forward-dated payments and Standing instructions:
  If you have any Forward-dated Priority Payments or Standing instructions, you can update the beneficiary account number field to include a valid IBAN.

• File Upload or HSBC Connect:
  You can use a valid beneficiary IBAN in place of the beneficiary account number in Priority Payment files to beneficiaries located in Oman. If you have any questions about updating your payment files to include beneficiary IBAN’s, please contact your Client Service representative.

Please note: While using an IBAN is currently optional, we recommend that you provide a valid beneficiary IBAN when creating Priority Payment instructions to Oman beneficiaries to help avoid payment delays or rejections.

Find out more

If you have any questions, please contact your local HSBCnet Support Centre.