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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 Beneficiary of the payment should be
ATS Air transport Individual or Business account
CHC Charitable Contributions Business account
CRP Credit Card Payment Card account
DCP Debit Card Payments Pre-paid card or Stored Value product account
EDU Educational Support Individual or Business account
EMI Equated Monthly Instalments Financial Institution (FI)
FAM Family Support Individual account
FIS Financial services Individual or Business account
GDS Goods Bought or Sold Individual or Business account
GMS Processing repair and maintenance services on goods Individual or Business account
GOS Gov goods and services embassies etc Individual or Business account
IFS Information services Individual or Business account
INS Insurance services Individual or Business account
INV Invoice payment Individual or Business account
IPC Charges for the use of intellectual property royalties Individual or Business account
IPO IPO Subscriptions Financial Institution (FI)
IRP Interest Rate Swap Payments Individual or Business account
IRW Interest Rate Unwind Payments Individual or Business account
ITS Computer services Individual or Business account
LIP Loan Interest Payments Financial Institution (FI)
LNC Loan Charges Financial Institution (FI)
MWI Mobile Wallet Cash In Financial Institution (FI)
MWP Mobile Wallet Cash Payments Individual or Business account
OAT Own Account Transfer Individual account
OTS Other modes of transport Individual or Business account
PIN Personal Investments Business account
PMS Professional and management consulting services Individual or Business account
PRP Profit Rate Swap Payments Individual or Business account
PRS Personal cultural audio visual and recreational services Individual or Business account
PRW Profit Rate Unwind Payments Individual or Business account
RBC Related Beneficiary Customer Individual or Business account
RDS Research and development services Individual or Business account
REM Remittance Individual or Business account
RNT Rent Payments Individual or Business account
ROC Related Ordering Customer Individual or Business account
SCO Construction Individual or Business account
STO Standing Order Individual or Business account
STR Travel Individual or Business account
STS Sea transport Individual or Business account
SVI Stored Value Card Cash In Financial Institution (FI)
SVP Stored Value Card Payments Individual or Business account
TCS Telecommunication services Individual or Business account
TOF Trf of Funds Between persons Normal and Juridical Individual or Business account
TTS Technical trade-related and other business services Individual or Business account
UTL Utility Bill Payments Business account

Codes Applicable for usage by Companies:

Code Description Beneficiary of the payment should be
ACM Agency Commission Business account
AES Advance payment against EOS Individual account
ALW Allowance Individual account
ATS Air transport Individual or Business account
BON Bonus Individual account
CCP Corporate Card Payments Card account
CHC Charitable Contributions Business account
CIN Commercial Investments Business account
COM Commission Individual account
COP Compensation Individual account
DCP Debit Card Payments Pre-paid card or Stored Value product account
DOE Dividends on equity not intra group Individual or Business account
EDU Educational Support Individual or Business account
EMI Equated Monthly Installments Financial Institution (FI)
EOS End of Service / Final Settlement Individual account
FIS Financial services Individual or Business account
GDS Goods Bought or Sold Individual or Business account
GMS Processing repair and maintenance services on goods Individual or Business account
GOS Government goods and services embassies etc Individual or Business account
GRI Government related income taxes tariffs capital transfers etc Individual or Business account
IFS Information services Individual or Business account
IGD Intra group dividends Business account
IGT Inter Group Transfer Business account
IID Intra group interest on debt Business account
INS Insurance services Individual or Business account
INV Invoice payment Individual or Business account
IPC Charges for the use of intellectual property royalties Individual or Business account
IPO IPO Subscriptions Financial Institution (FI)
IRP Interest Rate Swap Payments Individual or Business account
IRW Interest Rate Unwind Payments Individual or Business account
ISH Income on investment funds shares Individual or Business account
ISL Interest on securities more than a year Individual or Business account
ISS Interest on securities less than a year Individual or Business account
ITS Computer services Individual or Business account
LAS Leave Salary Individual account
LIP Loan Interest Payments Financial Institution (FI)
LNC Loan Charges Financial Institution (FI)
MCR Monetary Claim Reimbursements Medical Insurance or Auto Insurance etc. Individual or Business account
MWI Mobile Wallet Cash In Financial Institution (FI)
MWP Mobile Wallet Cash Payments Individual or Business account
OTS Other modes of transport Individual or Business account
OVT Overtime Individual account
PEN Pension Individual account
PIP Profits on Islamic products Individual or Business account
PMS Professional and management consulting services Individual or Business account
PRP Profit Rate Swap Payments Individual or Business account
PRR Profits or rents on real estate Individual or Business account
PRS Personal cultural audio visual and recreational services Individual or Business account
PRW Profit Rate Unwind Payments Individual or Business account
RBC Related Beneficiary Customer Individual or Business account
RDS Research and development services Individual or Business account
REM Remittance Individual or Business account
RNT Rent Payments Individual or Business account
ROC Related Ordering Customer Individual or Business account
SAA Salary Advance Individual account
SAL Salary Individual account
SCO Construction Individual or Business account
STO Standing Order Individual or Business account
STR Travel Individual or Business account
STS Sea transport Individual or Business account
SVI Stored Value Card Cash In Financial Institution (FI)
SVP Stored Value Card Payments Individual or Business account
TCS Telecommunication services Individual or Business account
TKT Tickets Individual account
TOF Trf of Funds Between persons Normal and Juridical Individual or Business account
TTS Technical trade-related and other business services Individual or Business account
UTL Utility Bill Payments Business account

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.

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

Cover to be effected through:

Standard Chartered Bank, New York, USA.
SWIFT: SCBLUS33

Citi Bank, New York, USA.
SWIFT: CITIUS33

Beneficiary Bank: NATIONAL BANK OF RAS AL KHAIMAH (P.J.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

Beneficiary Bank: NATIONAL BANK OF RAS AL KHAIMAH (P.J.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

BANCO SANTANDER S.A., SPAIN
SWIFT: BSCHESMM

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

Cover to be effected through:

Bank of Montreal, Canada
SWIFT: BOFMCAT2

Beneficiary Bank: NATIONAL BANK OF RAS AL KHAIMAH (P.J.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

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

Cover to be effected through:

THE NATIONAL COMMERCIAL BANK
SWIFT: NCBKSAJE

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

Cover to be effected through:

STANDARD CHARTERED BANK,SINGAPORE
SWIFT: SCBLSGSG

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

Cover to be effected through:

NATIONAL BANK OF OMAN, MUSCAT
SWIFT: NBOMOMRX

 

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