Oman accounts: IBAN details for HSBC Oman accounts now available

Last updated: 27 May 2024

Further to our communication in April, starting 31 March 2024, all 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, IBANs have been created for accounts opened with HSBC Middle East Limited – Oman Branch (referred to here as ‘HSBC Oman accounts’).

What this means for payments you receive

If you wish to receive payments to an HSBC Oman account using an IBAN, make sure you provide the IBAN to anyone who may be sending you domestic or cross border payments. If you issue invoices, we recommend that you include the IBAN in your invoices.

You can find the IBAN details for HSBC Oman accounts in the account details section of the Account Information service in HSBCnet. IBANs will also be included in HSBCnet statement reports along with the HSBC Oman account number.

Here’s where you can find the IBAN for HSBC Oman accounts:

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You have the option to continue receiving payments using the HSBC Oman account number, without an IBAN, until further notice.

What this means for payments you send

On 1 April, we updated Priority Payment screens to beneficiaries located in Oman, recommending that you use the beneficiary’s IBAN if you’ve entered their 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 looks like:

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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 IBANs, 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.