Accurate beneficiary details can help prevent transfer delays, returned payments and additional banking charges
Abu Dhabi: Banks have stressed the importance of ensuring that transfer details match and have urged customers to verify that the beneficiary’s full name matches the bank account details and the International Bank Account Number (IBAN) before making any money transfer. This helps avoid transfers being returned or delayed, whether within the UAE or to bank accounts abroad.
Bank officials said accurately entering the beneficiary’s details and reviewing them before approving a transfer is an essential step in ensuring that the transaction is completed successfully and that the funds reach the intended account. They noted that any discrepancy between the beneficiary’s name registered with the bank and the name entered in the transfer details, or an error in the IBAN, could result in the transfer being rejected or returned to the sender’s account.
They added: “Data matching is even more important for international transfers, which pass through more than one banking institution and may be subject to different verification requirements and procedures depending on the country and the receiving bank.” They noted that discrepancies in the beneficiary’s details could lead to delays in the transfer reaching its destination or to the funds being returned. In addition, customers may incur fees related to the transfer or return process, depending on the bank’s terms and the entities involved in processing the transaction.
Banks advised customers to ensure, before making any transfer, that the beneficiary’s name is recorded exactly as it appears with the bank and matches the IBAN. They should also verify the bank’s name, country and any other information required to complete the transaction.
They further pointed out that it is advisable to recheck the beneficiary’s details when making a transfer for the first time or when using banking information obtained previously, to ensure that the account details have not changed. They stressed that this simple step can help reduce transfer errors, avoid additional procedures related to recovering or resending funds, and minimise the time required for the money to reach the beneficiary.
Source: Emirates 24|7