IBAN Implementation Mandatory in Oman: End of SWIFT for Banking Transactions

July 1, 2025
Starting today, the use of the International Bank Account Number (IBAN) is officially mandatory for all domestic and international banking transactions in Oman. This policy, issued by the Central Bank of Oman, aligns with global standards such as the SWIFT system.

Why is IBAN mandatory?
This step follows the successful implementation of IBAN for international transfers since March 31, 2024. From today onward, all inbound transfers to Oman that do not include an IBAN will be automatically rejected. Moreover, bank clients are now required to use IBANs for domestic transactions, though some banks still allow traditional account numbers temporarily.

What replaces SWIFT?
SWIFT codes will now serve only in the background infrastructure of international banking. For end-users, providing an IBAN is sufficient for money transfers, marking the end of SWIFT’s operational role in Oman’s retail banking.

How to get your IBAN
Customers can retrieve their IBAN through:

• Mobile banking or online banking apps
• Visiting a branch and requesting it from bank staff
• Bank account statements
• Official bank websites or verified online IBAN generators

IBAN Structure
Omani IBANs start with OM. Example:
OM39 0250 0010 XXXX XXXX 001 (Bank Dhofar)

Key Benefits of IBAN

• Minimizes human error in account entry
• Speeds up automated transaction processing
• Meets global payment standards
• Enhances banking transparency and compliance

Recommendations for Users

For individuals:

• Update banking details with employers and platforms
• Use IBAN for all types of transactions (local & international)

For companies:

• Upgrade financial software to support IBAN formats
• Train staff on IBAN usage
• Notify clients and partners of new IBAN numbers

By fully adopting IBAN and phasing out SWIFT at the user level, Oman has taken a major step toward modernizing its banking infrastructure.